§ 34.1-9-607 — Collection and enforcement by secured party

Wyoming § 34.1-9-607

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

Text

(a) If so agreed, and in any event after default, a
secured party:
(i) May notify an account debtor or other person
obligated on collateral to make payment or otherwise render
performance to or for the benefit of the secured party;
(ii) May take any proceeds to which the secured party
is entitled under section 34.1-9-315;
(iii) May enforce the obligations of an account
debtor or other person obligated on collateral and exercise the
rights of the debtor with respect to the obligation of the
account debtor or other person obligated on collateral to make
payment or otherwise render performance to the debtor, and with
respect to any property that secures the obligations of the
account debtor or other person obligated on the collateral;
(iv) If it holds a security interest in a deposit
account perfected by control under section 34.1-9-104(a)(i), may
apply the balance of the deposit account to the obligation
secured by the deposit account; and
(v) If it holds a security interest in a deposit
account perfected by control under section 34.1-9-104(a)(ii) or
(iii), may instruct the bank to pay the balance of the deposit
account to or for the benefit of the secured party.
(b) If necessary to enable a secured party to exercise
under paragraph (a)(iii) the right of a debtor to enforce a
mortgage nonjudicially, the secured party may record in the
office in which a record of the mortgage is recorded:
(i) A copy of the security agreement that creates or
provides for a security interest in the obligation secured by
the mortgage; and
(ii) The secured party's sworn affidavit in
recordable form stating that:
(A) A default has occurred with respect to the
obligation secured by the mortgage; and
(B) The secured party is entitled to enforce the
mortgage nonjudicially.
(c) A secured party shall proceed in a commercially
reasonable manner if the secured party:
(i) Undertakes to collect from or enforce an
obligation of an account debtor or other person obligated on
collateral; and
(ii) Is entitled to charge back uncollected
collateral or otherwise to full or limited recourse against the
debtor or a secondary obligor.
(d) A secured party may deduct from the collections made
pursuant to subsection (c) reasonable expenses of collection and
enforcement, including reasonable attorney's fees and legal
expenses incurred by the secured party.
(e) This section does not determine whether an account
debtor, bank or other person obligated on collateral owes a duty
to a secured party.