§12A-9-501.

§12A-9-501.
   
   Default; Procedure When Security Agreement Covers Both Real and
   Personal Property. - (1) When a debtor is in default under a security
   agreement, a secured party has the rights and remedies provided in
   this part, and except as limited by subsection (3) of this section,
   those provided in the security agreement. He may reduce his claim to
   judgment, foreclose or otherwise enforce the security interest by any
   available judicial procedure. If the collateral is documents, the
   secured party may proceed either as to the documents or as to the
   goods covered thereby. A secured party in possession has the rights,
   remedies and duties provided in Section 9-207. The rights and remedies
   referred to in this subsection are cumulative.
   
   (2) After default, the debtor has the rights and remedies provided in
   this part, those provided in the security agreement and those provided
   in Section 9-207.
   
   (3) To the extent that they give rights to the debtor and impose
   duties on the secured party, the rules stated in the subsections
   referred to below may not be waived or varied except as provided with
   respect to compulsory disposition of collateral (subsection (3) of
   Section 9-504, and Section 9-505) and with respect to redemption of
   collateral (Section 9-506) but the parties may by agreement determine
   the standards by which the fulfillment of these rights and duties is
   to be measured if such standards are not manifestly unreasonable:
   
   (a) subsection (2) of Section 9-502 and subsection (2) of Section
   9-504, insofar as they require accounting for surplus proceeds of
   collateral;
   
   (b) subsection (3) of Section 9-504 and subsection (1) of Section
   9-505, which deal with disposition of collateral;
   
   (c) subsection (2) of Section 9-505, which deals with acceptance of
   collateral as discharge of obligation;
   
   (d) Section 9-506, which deals with redemption of collateral; and
   
   (e) subsection (1) of Section 9-507, which deals with the secured
   party's liability for failure to comply with this part.
   
   (4) If the security agreement covers both real and personal property,
   the secured party may proceed under this part as to the personal
   property or he may proceed as to both the real and the personal
   property in accordance with his rights and remedies in respect of the
   real property, in which case the provisions of this part do not apply.
   
   (5) When a secured party has reduced his claim to judgment, the lien
   of any levy which may be made upon his collateral by virtue of any
   execution based upon the judgment shall relate back to the date of the
   perfection of the security interest in such collateral. A judicial
   sale, pursuant to such execution, is a foreclosure of the security
   interest by judicial procedure within the meaning of this section, and
   the secured party may purchase at the sale and thereafter hold the
   collateral free of any other requirements of this article.