Missouri Revised Statutes













Chapter 400

Uniform Commercial Code

←400.09-603

Section 400.9-604.1

400.09-605→

August 28, 2015

Procedure if security agreement covers real property or fixtures.

400.9-604. (a) 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) Subject to subsection (c), 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) Subject to the other provisions of this part, 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 that removes collateral 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.



(L. 2001 S.B. 288)



Effective 7-01-01







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