Texas Business & Commerce Code

§ 9.607 — COLLECTION AND ENFORCEMENT BY SECURED PARTY

BC § 9.607Title 1. UNIFORM COMMERCIAL CODE · Ch. 9. SECURED TRANSACTIONS · Art. F. DEFAULT

Statute text

(a)If so agreed, and in any event after default, a secured party:

(1)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;

(2)may take any proceeds to which the secured party is entitled under Section 9.315;

(3)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;

(4)if it holds a security interest in a deposit account perfected by control under Section 9.104(a)(1), may apply the balance of the deposit account to the obligation secured by the deposit account; and

(5)if it holds a security interest in a deposit account perfected by control under Section 9.104(a)(2) or (3), may instruct the bank to pay the balance of the deposit account to or for the benefit of the secured party.

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Legislative history

Acts 2011, 82nd Leg., R.S., Ch. 67 (S.B. 782), Sec. 17, eff. July 1, 2013.