§ 62A.9A-604. Procedure if security agreement covers real property, fixtures, or manufactured home
(a) Enforcement: Personal and real property. If a security agreement covers both personal and real property, a secured party may proceed:
(1) Under this part 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 this part do not apply.
(b) Enforcement: Fixtures. Subject to subsection (c) of this section, if a security agreement covers goods that are or become fixtures, a secured party may proceed:
(1) Under this part; or
(2) In accordance with the rights with respect to real property, in which case the other provisions of this part do not apply.
(c) Removal of fixtures or manufactured home. Subject to the other provisions of this part, if a secured party holding a security interest in fixtures or a manufactured home 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) Injury caused by removal. A secured party that removes collateral consisting of fixtures or a manufactured home shall promptly reimburse 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.
[2000 c 250 § 9A-604.]
Sections: Previous 62A.9A-524 62A.9A-525 62A.9A-526 62A.9A-527 62A.9A-601 62A.9A-602 62A.9A-603 62A.9A-604 62A.9A-605 62A.9A-606 62A.9A-607 62A.9A-608 62A.9A-609 62A.9A-610 62A.9A-611 NextLast modified: April 7, 2009