Louisiana § 10:9-601 Rights after default; judicial enforcement; consignor or buyer of accounts, chattel

Louisiana Statutes

§ 10:9-601 — Rights after default; judicial enforcement; consignor or buyer of accounts, chattel

Louisiana·Title 10 Commercial Laws

§9-601. Rights after default; judicial enforcement; consignor or buyer of accounts, chattel paper, payment intangibles, or promissory notes

(a)Rights of secured party after default. After default, a secured party has the rights provided in this Part and, except as otherwise provided in R.S. 10:9-602, those provided by agreement of the parties. A secured party:

(1)may reduce a claim to judgment, foreclose, execute upon, or otherwise enforce the claim, security interest, or agricultural lien by any available judicial procedure; and

(2)if the collateral is documents, may proceed either as to the documents or as to the goods they cover.

(b)Rights and duties of secured party in possession or control. A secured party in possession of collateral or control of collateral under R.S. 10:7-106, 9

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§9-601. Rights after default; judicial enforcement; consignor or buyer of accounts, chattel
paper, payment intangibles, or promissory notes
(a) Rights of secured party after default. After default, a secured party has the rights
provided in this Part and, except as otherwise provided in R.S. 10:9-602, those provided by
agreement of the parties. A secured party:
(1) may reduce a claim to judgment, foreclose, execute upon, or otherwise enforce
the claim, security interest, or agricultural lien by any available judicial procedure; and
(2) if the collateral is documents, may proceed either as to the documents or as to the
goods they cover.
(b) Rights and duties of secured party in possession or control. A secured party in
possession of collateral or control of collateral under R.S. 10:7-106, 9-104, 9-105, 9-106,
9-107, 9-107.1, or 9-107.3 has the rights and duties provided in R.S. 10:9-207.
(c) Rights cumulative; simultaneous exercise. The rights under Subsections (a) and
(b) are cumulative and may be exercised simultaneously.
(d) Rights of debtor and obligor. Except as otherwise provided in Subsection (g) and
R.S. 10:9-605, after default, a debtor and an obligor have the rights provided in this Part and
by agreement of the parties.
(e) Continuation of security interest after judgment. The security interest shall
continue when the secured party has reduced its claim to judgment and shall secure the
judgment without interruption whether or not the security interest is expressly recognized in
the judgment, except to the extent the judgment expressly provides to the contrary.
(f) Judicial sale. A judicial sale pursuant to a judgment or by executory process is
a foreclosure of the security interest or agricultural lien by judicial procedure within the
meaning of this Section. A secured party may purchase at the sale and thereafter hold the
collateral free of any other requirements of this Chapter.
(g) Consignor or buyer of certain rights to payment. Except as otherwise provided
in R.S. 10:9-607(c), this Part imposes no duties upon a secured party that is a consignor or
is a buyer of accounts, chattel paper, payment intangibles, or promissory notes.

Louisiana § 10:9-601 (Rights after default; judicial enforcement; consignor or buyer of accounts, chattel) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.

Legislative History

Acts 1989, No. 135, §8, eff. Jan. 1, 1990; Acts 1990, No. 1041, §2, eff. Dec. 1, 1990; Acts 2001, No. 128, §1, eff. July 1, 2001; Acts 2009, No. 207, §5, eff. Jan. 1, 2010; Acts 2024, No. 773, §1.