§ 9-207. Rights and duties of secured party having possession or control of collateral
West's Annotated Code of MarylandCommercial Law
MD Code, Commercial Law, § 9-207
§ 9-207. Rights and duties of secured party having possession or control of collateral
(a) Except as otherwise provided in subsection (d), a secured party shall use reasonable care in the custody and preservation of collateral in the secured party's possession. In the case of chattel paper or an instrument, reasonable care includes taking necessary steps to preserve rights against prior parties unless otherwise agreed.
Credits
Added by Acts 1999, c. 282, § 2, eff. July 1, 2001. Amended by Acts 2004, c. 95, § 2, eff. Oct. 1, 2004.
MD Code, Commercial Law, § 9-207, MD COML § 9-207
Current through legislation effective through April 9, 2023, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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