Section 46Sec./Art. 46

Right of Higher-Ranking Secured. Creditor to Take Over Enforcement.

(a) Even if another secured creditor or a lien holder has commenced enforcement, a secured creditor whose security-interest has priority over that of the enforcing secured creditor or lien holder shall be entitled to take over the enforcement process.

(b) The right referred to in subsection (a) of this section may be invoked at any time before the collateral is sold or otherwise disposed of, or retained by the secured creditor or until the conclusion of an agreement by the secured creditor for that purpose.

(c) The right of the higher-ranking secured creditor to take over the enforcement process shall include the right to enforce the rights by any method available to a secured creditor under this Act.