Title 11, Chapter 9, Section 604
( 11-9-604)
Procedure if security agreement covers real property or fixtures. (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 Code
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. 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) Injury caused by removal. 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. |