Document ID: chunk:federal_register_of_legislation:C2024C00719:section:108
Version: federal_register_of_legislation:C2024C00719
Segment Type: section
Provision Reference: s 108
Character Range: 200430–201538

108  Guide to this Part

      This Part provides general rules about the rights and remedies available to a party to a security agreement for enforcing a security interest in personal property. The Part does not apply to certain kinds of security interests.
      Important rules include the following:

                (a) a general standard of honesty and commercial reasonableness is to apply to enforcement actions;
                (b) parties can contract out of specified provisions of this Chapter;
                (c) if the same obligation is secured by both personal property and an interest in land, a secured party may decide to enforce the personal property interest in the same way as the interest in the land would be enforced, or to enforce the security interest under this Chapter;
                (d) rules for the enforcement of security interests in certain liquid assets (accounts, chattel paper and negotiable instruments) by giving notice to specified persons or seizing proceeds;
                (e) rules relating to the enforcement of security interests in crops and livestock.