(a) If a security agreement covers both personal and real property, a secured party may proceed:
Under this part 6 as to the personal property without prejudicing any rights withrespect to the real property; or
As to both the personal property and the real property in accordance with the rightswith respect to the real property, in which case the other provisions of this part 6 do not apply.
(b) Subject to subsection (c) of this section, if a security agreement covers goods that are or become fixtures, a secured party may proceed:
Under this part 6; or
In accordance with the rights with respect to real property, in which case the otherprovisions of this part 6 do not apply.
Subject to the other provisions of this part 6, if a secured party holding a securityinterest in fixtures has priority over all owners and encumbrancers of the real property, the secured party, after default, may remove the collateral from the real property.
A secured party that removes collateral shall promptly reimburse any encumbranceror owner of the real property for the cost of repair of any physical injury caused by the removal. The secured party need not reimburse the encumbrancer or owner for any diminution in value of the real property caused by the absence of the goods removed or by any necessity of replacing them. A person entitled to reimbursement may refuse permission to remove until the secured party gives adequate assurance for the performance of the obligation to reimburse.
Source: L. 2001: Entire article R&RE, p. 1400, § 1, effective July 1.
Editor's note: (1) The provisions of this section are similar to former §§ 4-9-313 (8) and 4-9-501 (4) as they existed prior to 2001.
(2) Colorado legislative change: Colorado did not adopt the phrase "other than the debtor" after the word "property" in the first sentence in subsection (d).