Article 44 - Collection rights of Secured Party

(1) Subject to Article 48, in the event of Default under a Security Agreement, a Secured Party:
(A) may notify the Account Debtor or other person obligated on the Collateral to make payment or otherwise render performance to or for the benefit of the Secured Party;
(B) may take any Proceeds to which the Secured Party is entitled under these Regulations;
(C) may apply any Money, Account, Instrument or Security in the form of a debt obligation taken as Collateral to the satisfaction of the obligation secured by the Security Interest; and
(D) may enforce the obligations of the Account Debtor or Person liable to pay on an Instrument or Investment Property and exercise the rights of the Debtor with respect to the obligation of the Account Debtor or Person liable to pay on an Instrument or Investment Property to make payment or otherwise render performance to the Debtor and with respect to any Personal Property that secures the obligations of the Account Debtor or Person liable to pay on an Instrument or Investment Property.
(2) Subject to Article 48, in the event of Default under a Security Agreement, a Secured Party who holds a Security Interest in a Bank Account perfected by control may apply or cause the Bank to apply the balance of the Bank Account to the obligation secured by the Bank Account.
(3) A Secured Party must act in a commercially reasonable manner if the Secured Party:
(A) undertakes to collect from an obligation of an Account Debtor or other Person liable to pay on an Instrument, Chattel Paper or Investment Property; and
(B) is entitled to full or limited recourse against the Account Debtor or Person liable to pay on an Instrument, Chattel Paper or Investment Property or a guarantor of the debt.
(4) Any proceeds of collection must be dealt with in accordance with Article 49.