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2010 Florida Statutes

Title XXXIX COMMERCIAL RELATIONS
Chapter 679 UNIFORM COMMERCIAL CODE: SECURED TRANSACTIONS Entire Chapter
SECTION 2051
Use or disposition of collateral permissible.
F.S. 679.2051
679.2051

Use or disposition of collateral permissible.

—
(1)

A security interest is not invalid or fraudulent against creditors solely because:

(a)

The debtor has the right or ability to:

1.

Use, commingle, or dispose of all or part of the collateral, including returned or repossessed goods;

2.

Collect, compromise, enforce, or otherwise deal with collateral;

3.

Accept the return of collateral or make repossessions; or

4.

Use, commingle, or dispose of proceeds; or

(b)

The secured party fails to require the debtor to account for proceeds or replace collateral.

(2)

This section does not relax the requirements of possession if attachment, perfection, or enforcement of a security interest depends upon possession of the collateral by the secured party.

History.
—

s. 2, ch. 2001-198.