Online Sunshine Logo
Official Internet Site of the Florida Legislature
May 28, 2025
Text: 'NEW Advanced Legislative Search'
Interpreter Services for the Deaf and Hard of Hearing
Go to MyFlorida House
Go to MyFlorida House
Select Year:  
The Florida Statutes

The 1998 Florida Statutes

Title XXXIX
COMMERCIAL RELATIONS
Chapter 679
Uniform Commercial Code: Secured Transactions
View Entire Chapter

679.502  Collection rights of secured party.--

(1)  When so agreed and in any event on default the secured party is entitled to notify an account debtor or the obligor on an instrument to make payment to her or him whether or not the assignor was theretofore making collections on the collateral, and also to take control of any proceeds to which the secured party is entitled under s. 679.306.

(2)  A secured party who by agreement is entitled to charge back uncollected collateral or otherwise to full or limited recourse against the debtor and who undertakes to collect from the account debtors or obligors must proceed in a commercially reasonable manner and may deduct her or his reasonable expenses of realization from the collections. If the security agreement secures an indebtedness, the secured party must account to the debtor for any surplus, and unless otherwise agreed, the debtor is liable for any deficiency. But, if the underlying transaction was a sale of accounts or chattel paper, the debtor is entitled to any surplus or is liable for any deficiency only if the security agreement so provides.

History.--s. 1, ch. 65-254; s. 33, ch. 79-398; s. 700, ch. 97-102.

Note.--s. 9-502, U.C.C.; supersedes s. 698.03.