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New Jersey Statutes, Title: 12A, COMMERCIAL TRANSACTIONS
Chapter 9:
Section: 12A:9-609: Secured party's right to take possession after default.
12A:9-609. Secured Party's Right to Take Possession after Default.
(a) Possession; rendering equipment unusable; disposition on debtor's premises. After default, a secured party:
(1) may take possession of the collateral; and
(2) without removal, may render equipment unusable and dispose of collateral on a debtor's premises under 12A:9-610.
(b) Judicial and nonjudicial process. A secured party may proceed under subsection (a):
(1) pursuant to judicial process; or
(2) without judicial process, if it proceeds without breach of the peace.
(c) Assembly of collateral. If so agreed, and in any event after default, a 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.
L.2001, c.117, s.1; amended 2001, c.386, s.98.
This section added to the Rutgers Database: 2013-06-10 16:36:30.
Older versions of 12a:9-609 (if available):
Court decisions that cite this statute:
CLICK HERE.