SECTION 679.2051. Use or disposition of collateral permissible.

Latest version.

1(1) 2A security interest is not invalid or fraudulent against creditors solely because:
14(a) 15The debtor has the right or ability to:
231. 24Use, commingle, or dispose of all or part of the collateral, including returned or repossessed goods;
402. 41Collect, compromise, enforce, or otherwise deal with collateral;
493. 50Accept the return of collateral or make repossessions; or
594. 60Use, commingle, or dispose of proceeds; or
67(b) 68The secured party fails to require the debtor to account for proceeds or replace collateral.
83(2) 84This section does not relax the requirements of possession if attachment, perfection, or enforcement of a security interest depends upon possession of the collateral by the secured party.

History.-s. 2, ch. 2001-198.

Bills Cite this Section:

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Cited by Court Cases:

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