944                               LAWS OF MARYLAND                        [CH. 538

secured party has the rights and remedies provided in this Part,
and except as limited by Subsection (3) those provided in the security
agreement. He may reduce his claim to judgment, foreclose or other-
wise enforce the security interest by any available judicial pro-
cedure. If the collateral is documents the secured party may proceed
either as to the documents or as to the goods covered thereby. A
secured party in possession has the right, remedies and duties pro-
vided in Section 9—207. The rights and remedies referred to in this
subsection are cumulative.

(2) After default, the debtor has the rights and remedies pro-
vided in this Part, those provided in the security agreement and those
provided in Section 9—207.

(3) To the extent that they give rights to the debtor and impose
duties on the secured party, the rules stated in the subsections re-
ferred to below may not be waived or varied except as provided with
respect to compulsory disposition of collateral (subsection (1) of
Section 9—505) and with respect to redemption of collateral (Sec-
tion 9—506) but the parties may by agreement determine the stan-
dards by which the fulfillment of these rights and duties is to be
measured if such standards are not manifestly unreasonable:

(a)  subsection (2) of Section 9—502 and subsection (2) of Sec-
tion 9—504 insofar as they require accounting for surplus proceeds
of collateral;

(b)  subsection (8) of Section 9—504 and subsection (1) of Section
9—505 which deal with disposition of collateral;

(c)  subsection (2) of Section 9—505 which deals with acceptance
of collateral as discharge of obligation;

(d)  Section 9—506 which deals with redemption of collateral; and

(e)  subsection (1) of Section 9—507 which deals with the secured
party's liability for failure to comply with this Part.

(4) If the security agreement covers both real and personal prop-
erty, the secured party may proceed under this Part as to the personal
property or he may proceed as to both the real and the personal
property in accordance with his rights and, remedies in respect of
the real property in which case the provisions of this Part do not
apply.

(5) When a secured party has reduced his claim to judgment the
lien of any levy which may be made upon his collateral by virtue of
any execution based upon the judgment shall relate back to the date
of the perfection of the security interest in such collateral. A judi-
cial sale, pursuant to such execution, is a foreclosure of the security
interest by judicial procedure within the meaning of this section, and
the secured party may purchase at the sale and thereafter hold the
collateral free of any other requirements of this Sub-title.

9—502. Collection Rights of Secured Party.—

(1) When so agreed and in any event on default the secured party
is entitled to notify an account debtor or the obligor on an instru-
ment to make payment to him whether or not the assignor was
theretofore making collections on the collateral, and also to take
control of any proceeds to which he is entitled under Section 9—306.