(a) After default, a secured party:
May take possession of the collateral; and
Without removal, may render equipment unusable and dispose of collateral on a debtor's premises under section 4-9-610.
(b) A secured party may proceed under subsection (a) of this section:
Pursuant to judicial process; or
Without judicial process, if it proceeds without breach of the peace.
If so agreed, and in any event after default, a secured party may require the debtor toassemble the collateral and make it available to the secured party at a place to be designated by the secured party which is reasonably convenient to both parties.
If the collateral is a manufactured home or trailer coach, as defined in section 42-1102 (106), C.R.S., and is used and occupied by the debtor as a place of residence, the secured party may take possession of the collateral pursuant to this section without judicial process only if there is clear and convincing evidence that the debtor has vacated or abandoned the collateral or the debtor voluntarily surrenders the collateral to the secured party.
In exercising its rights under paragraph (2) of subsection (a) of this section withrespect to collateral, a secured party may not disable or render unusable any computer program or other similar device embedded in the collateral if immediate injury to any person or property is a reasonably foreseeable consequence of such action. Any secured party who disables or renders unusable such a computer program or other similar device in such circumstances shall be liable in accordance with applicable rules of law to any person who sustains an injury to person or property as a reasonably foreseeable result of the secured party's action.
Source: L. 2001: Entire article R&RE, p. 1403, § 1, effective July 1.
Editor's note: (1) This section is similar to former § 4-9-503 as it existed prior to 2001.
(2) Colorado legislative change: Colorado added subsections (d) and (e).