MARVIN MANDEL, Governor

297

this [part] SUBTITLE 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] SUBTITLE 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 judicial
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 [subtitle] TITLE.

9—502. Collection rights of secured party.

(1)    (then so agreed and in any event on default the
secured party is entitled to notify an account debtor or
the obligor on an instrument 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 § 9—306.

(2)   A secured party who by agreement is entitled to
charge back uncollected collateral or otherwise to full
or limited recourse against the debtor and who undertakes
to collect from the account debtors or obligors must
proceed in a commercially reasonable manner and may
deduct his reasonable expenses of realization from the
collections. If the security agreement secures an
indebtedness, the secured party must account to the
debtor for any surplus, and unless otherwise agreed, the
debtor is liable for any deficiency. But, if the
underlying transaction was a sale of accounts, contract
rights, or chattel paper, the debtor is entitled to any
surplus or is liable for any deficiency only if the
security agreement so provides.

9—503. Secured party's right to take possession after
default.

(1) Unless otherwise agreed a secured party has on
default the right to take possession of the collateral.
In taking possession a secured party may proceed without
judicial process if this can be done without breach of
the peace or may proceed by action. If the security
agreement so provides the secured party may require the
debtor to assemble the collateral and make it available
to the secured party at a place to be designated by the
secured party which is reasonably convenient to both
parties. Without removal a secured party may render