§ 34.1-9-601 — Rights after default; judicial enforcement; consignor or buyer of accounts, chattel paper, payment intangibles or promissory notes

(a) After default, a secured party has the rights provided
in this part and, except as otherwise provided in section
34.1-9-602, those provided by agreement of the parties. A
secured party:
(i) May reduce a claim to judgment, foreclose or
otherwise enforce the claim, security interest or agricultural
lien by any available judicial procedure; and
(ii) If the collateral is documents, may proceed
either as to the documents or as to the goods they cover.
(b) A secured party in possession of collateral or control
of collateral under section 34.1-7-106, 34.1-9-104, 34.1-9-105,
34.1-9-106 or 34.1-9-107 has the rights and duties provided in
section 34.1-9-207.
(c) The rights under subsections (a) and (b) are
cumulative and may be exercised simultaneously.
(d) Except as otherwise provided in subsection (g) and
section 34.1-9-605, after default, a debtor and an obligor have
the rights provided in this part and by agreement of the
parties.
(e) If a secured party has reduced its claim to judgment,
the lien of any levy that may be made upon the collateral by
virtue of an execution based upon the judgment relates back to
the earliest of:
(i) The date of perfection of the security interest
or agricultural lien in the collateral;
(ii) The date of filing a financing statement
covering the collateral; or
(iii) Any date specified in a statute under which the
agricultural lien was created.
(f) A sale pursuant to an execution 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 article.
(g) Except as otherwise provided in section 34.1-9-607(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.