North Dakota Code 41-09-106 – (9-609) Secured party’s right to take possession after default
Current as of: 2023 | Check for updates
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1. After default, a secured party:
Terms Used In North Dakota Code 41-09-106
- Debtor: means a natural person whose name was provided in a financing statement record as an individual debtor or one of the types of persons listed in section 41-09-76. See North Dakota Code 41-10-01
- Process: means a writ or summons issued in the course of judicial proceedings. See North Dakota Code 1-01-49
a. May take possession of the collateral; and
b. Without removal, may render equipment unusable and dispose of collateral on a debtor‘s premises under section 41-09-107.
2. A secured party may proceed under subsection 1:
a. Pursuant to judicial process; or
b. Without judicial process, if it proceeds without breach of the peace.
3. If so agreed, and in any event after default, a secured party may require the debtor to assemble the collateral and make it available to the secured party at a place to be designated by the secured party which is reasonably convenient to both parties.