Iowa Code 554.9609 – Secured party’s right to take possession after default
Current as of: 2023 | Check for updates
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1.
Possession – rendering equipment unusable – disposition on debtor’s premises.
After default, a secured party:
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 554.9610.
2.
Judicial and nonjudicial process.
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.
Assembly of collateral.
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.