§ 34.1-9-604 — Procedure if security agreement covers real property or fixtures

Wyoming § 34.1-9-604

• Jurisdiction: Wyoming
• Title 34.1: Uniform Commercial Code
• Art. 9: SECURED TRANSACTIONS

Text

(a) If a security agreement covers both personal and real
property, a secured party may proceed:
(i) Under this part as to the personal property
without prejudicing any rights with respect to the real
property; or
(ii) As to both the personal property and the real
property in accordance with the rights with respect to the real
property, in which case the other provisions of this part do not
apply.
(b) Subject to subsection (c), if a security agreement
covers goods that are or become fixtures, a secured party may
proceed:
(i) Under this part; or
(ii) In accordance with the rights with respect to
real property, in which case the other provisions of this part
do not apply.
(c) Subject to the other provisions of this part, if a
secured party holding a security interest in fixtures has
priority over all owners and encumbrancers of the real property,
the secured party, after default, may remove the collateral from
the real property.
(d) A secured party that removes collateral shall promptly
reimburse any encumbrancer or owner of the real property, other
than the debtor, for the cost of repair of any physical injury
caused by the removal. The secured party need not reimburse the
encumbrancer or owner for any diminution in value of the real
property caused by the absence of the goods removed or by any
necessity of replacing them. A person entitled to reimbursement
may refuse permission to remove until the secured party gives
adequate assurance for the performance of the obligation to
reimburse.