296

LAWS OF MARYLAND

[Ch. 49

than one hundred dollars ($100) for each violation.

SUBTITLE 5. DEFAULT.

9—501. Default; procedure when security agreement covers
both real and personal property.

(1)   when a debtor is in default under a security
agreement, a secured party has the rights and remedies
provided in this [part] SUBTITLE, and except as limited
by subsection (3) those provided in the security
agreement. He may reduce his claim to judgment,
foreclose or otherwise enforce the security interest by
any available judicial procedure. 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
provided in § 9—207. The rights and remedies referred
to in this subsection are cumulative.

(2)   After default, the debtor has the rights and
remedies provided in this [part] SUBTITLE, those provided
in the security agreement and those provided in § 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 referred to below may not be
waived or varied except as provided with respect to
compulsory disposition of collateral (subsection (1) of §
9—505) and with respect to redemption of collateral (§
9—506) but the parties may by agreement determine the
standards by which the fulfillment of these rights and
duties is to be measured if such standards are not
manifestly unreasonable:

(a)   Subsection (2) of § 9—502 and subsection
(2) of § 9—504 insofar as they require accounting for
surplus proceeds of collateral;

(b)   Subsection (3) of § 9—504 and subsection
(1) of § 9—505 which deal with disposition of collateral;

(c)    Subsection (2) of § 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 § 9—507 which deals
with the secured party's liability for failure to comply
with this [parti SUBTITLE.

(4)   If the security agreement covers both real and
personal property, the secured party may proceed under