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Part 6 DEFAULT

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Subpart 1 DEFAULT AND ENFORCEMENT OF SECURITY INTERESTS
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A. Rights of Secured Party after Default. After default, a secured party has the rights provided in this part, the rights and duties related to possession or control of collateral (27A ONC § 9-204) and, except as otherwise provided in the provisions of this Osage Nation Secured Transactions Act dealing with waivers and variances of rights and duties (27A ONC § 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, 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 Cumulative; Simultaneous Exercise. The rights under subsection (A) of this section are cumulative and may be exercised simultaneously.

C. Rights of Debtor and Obligor. Except as otherwise provided under the provisions of this Osage Nation Secured Transactions Act dealing with an unknown debtor or a secondary obligor (27A ONC § 9-605), after default, a debtor and an obligor have the rights provided in this part and by agreement of the parties.

D. 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 in the collateral;

2. The date of filing a financing statement covering the collateral; or

3. Any date specified in a statute under which the lien was created.

E. Execution Sale. A sale pursuant to an execution is a foreclosure of the security interest by judicial procedure within the meaning of this section. A secured party may purchase at the sale and thereafter hold the collateral free of any other requirements of this Osage Nation Secured Transactions Act.

F. Consignor or Buyer of Certain Rights to Payment. Except as otherwise provided in the provisions of this Osage Nation Secured Transactions Act dealing with commercially reasonable collection and enforcement (27A ONC § 9-607(B)), 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. ONCA 07-22, eff. June 18, 2007.