Default

Question 1

Possession of Collateral

Answer 1

After default, a secured party is entitled to take possession of the collateral—no notice required unless the security agreement provides otherwise. [

Question 2

Disposition of Collateral

Answer 2

After default, a secured party may sell, lease, license, or otherwise dispose of all or any of the collateral. Within limits, the secured party may keep the collateral (strict foreclosure) in full or partial satisfaction of the obligation