(A) If a security agreement covers both personal and real property, a secured party may proceed:
(1) Under sections 1309.601 to 1309.628 of the Revised Code as to the personal property without prejudicing any rights with respect to the real property; or
(2) As to both the personal property and the real property, in accordance with the rights with respect to the real property, in which case the other provisions of sections 1309.601 to 1309.628 of the Revised Code do not apply.
(B) Subject to division (C) of this section, if a security agreement covers goods that are or become fixtures, a secured party may proceed:
(1) Under sections 1309.601 to 1309.628 of the Revised Code; or
(2) In accordance with the rights with respect to real property, in which case the other provisions of sections 1309.601 to 1309.628 of the Revised Code do not apply.
(C) Subject to the other provisions of sections 1309.601 to 1309.628 of the Revised Code, if a secured party holding a security interest in fixtures has priority over all owners and encumbrancers of the real property, the secured party, after default, may remove the collateral from the real property.
(D) A secured party who removes collateral shall reimburse promptly any encumbrancer or owner of the real property, other than the debtor, for the cost of repair of any physical injury caused by the removal. The secured party need not reimburse the encumbrancer or owner for any diminution in value of the real property caused by the absence of the goods removed or by any necessity of replacing them. A person entitled to reimbursement may refuse permission to remove until the secured party gives adequate assurance for the performance of the obligation to reimburse.
Effective Date: 07-01-2001
Section: Previous 1309.526 1309.527 1309.528 1309.529 1309.601 1309.602 1309.603 1309.604 1309.605 1309.606 1309.607 1309.608 1309.609 1309.610 1309.611 NextLast modified: October 10, 2016