Title 11, Chapter 9, Section 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 Code Section 11-9-602, 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 Code Section 11-9-104, 11-9-105, 11-9-106, or 11-9-107 has the rights and duties provided in Code Section 11-9-207.
(c) Rights cumulative; simultaneous exercise. The rights under
subsections (a) and (b) of this Code section are cumulative and may
be exercised simultaneously.
(d) Rights of debtor and obligor. Except as otherwise provided in subsection (g) of this Code section and Code Section 11-9-605, after default, a debtor and an obligor have the 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 an execution based upon the 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 the
(3) Any date specified in a statute under which the agricultural
lien was created.
(f) Execution sale. A sale pursuant to an execution is a
foreclosure of the security interest or agricultural lien by
judicial procedure within the meaning of this Code section. A
secured party may purchase at the sale and thereafter hold the
collateral free of any other requirements of this article.
(g) Consignor or buyer of certain rights to payment. Except as otherwise provided in subsection (c) of Code Section 11-9-607, this part imposes no duties upon a secured party that is a consignor or is a buyer of accounts, chattel paper, payment intangibles, or promissory notes.