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12A-9-502.


12A-9-502.
   
   Collection Rights of Secured Party. - (1) When so agreed, and in any
   event on default, the secured party is entitled to notify an account
   debtor or the obligor on an instrument to make payment to him whether
   or not the assignor was theretofore making collections on the
   collateral, and also to take control of any proceeds to which he is
   entitled under Section 9-306.
   
   (2) A secured party who by agreement is entitled to charge back
   uncollected collateral or otherwise to full or limited recourse
   against the debtor and who undertakes to collect from the account
   debtors or obligors must proceed in a commercially reasonable manner
   and may deduct his reasonable expenses of realization from the
   collections. If the security agreement secures an indebtedness, the
   secured party must account to the debtor for any surplus and, unless
   otherwise agreed, the debtor is liable for any deficiency. But, if the
   underlying transaction was a sale of accounts or chattel paper, the
   debtor is entitled to any surplus or is liable for any deficiency only
   if the security agreement so provides.
   

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