§ 9-204. Rights and duties when collateral is in secured party’s possession or control.
A. Duty of Care When Secured Party in Possession. A secured party shall use reasonable care in the custody and preservation of collateral in the secured party’s possession.
B. Right of Repledge. A secured party having possession or control of securities or control of an investment account may create a security interest in the collateral.
C. Buyer of Certain Rights to Payment. If the secured party is a buyer of accounts, chattel paper, payment intangibles, or promissory notes or a consignor, subsection (A) of this section does not apply unless the secured party is entitled under an agreement:
1. To charge back uncollected collateral; or
2. Otherwise to full or limited recourse against the debtor or a secondary obligor based on the nonpayment or other default of an account debtor or other obligor on the collateral. ONCA 07-22, eff. June 18, 2007.