(810 ILCS 5/9-601)
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
Section 9-602, those provided by agreement of the parties. A secured party:
(1) may reduce a claim to judgment, foreclose, 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 Section
7-106, 9-104, 9-105, 9-106, or 9-107 has the rights and duties provided in Section 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 Section 9-605, after default, a debtor and an obligor have
rights provided in this Part and by agreement of the parties.
(e) Lien of levy after judgment. 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 a judgment relates back to the earliest of:
(1) the date of perfection of the security interest
or agricultural lien in the collateral;
(2) the date of filing a financing statement covering
(3) any date specified in a statute under which the
agricultural lien was created.
(f) Execution sale. A sale pursuant to a judgment is a foreclosure
of the security interest or agricultural lien by judicial procedure within the
of this Section. A secured party may purchase at the sale and thereafter hold
collateral free of any other requirements of this Article.
(g) Consignor or buyer of certain rights to payment. Except as
otherwise provided in Section 9-607(c), this Part imposes no duties upon a
party that is a consignor or is a buyer of accounts, chattel paper, payment
intangibles, or promissory notes.
(Source: P.A. 95-895, eff. 1-1-09.)