Subpart 2. Rights and Duties
§490:9-207 Rights and duties of secured party having possession or control of collateral. (a) Except as otherwise provided in subsection (d), a secured party shall use reasonable care in the custody and preservation of collateral in the secured party's possession. In the case of chattel paper or an instrument, reasonable care includes taking necessary steps to preserve rights against prior parties unless otherwise agreed.
(b) Except as otherwise provided in subsection (d), if a secured party has possession of collateral:
(c) Except as otherwise provided in subsection (d), a secured party having possession of collateral or control of collateral under section 490:7-106, 490:9-104, 490:9-105, 490:9-105.5, 490:9-106, 490:9-107, or 490:9-107.5:
(d) If the secured party is a buyer of accounts, chattel paper, payment intangibles, or promissory notes or a consignor: