(1) In the event of default in the performance of obligation, with respect to accounts, secured sales contracts or
other rights to payment, the security holder may notify an obligor or other person who owes payment on any other right to payment to make payment to the security holder and also take control of any subsequent proceeds.
(2) If the security interest secures a debt, the security holder shall pay the security giver any amount collected in excess of the secured debt, plus expenses allowed to be deducted under this Chapter. Except as otherwise
agreed, if there is a deficiency in collection, the security giver shall pay to the security holder the difference between the amount collected and the secured debt plus expenses allowed to be deducted under this Chapter.
(3) In the case of transaction relating to a sale of accounts or secured sales contracts, the security giver shall be entitled to any surplus and shall be liable for any deficiency only if the security agreement so provides.
(4) The security holder may take action referred to in this Section without having recourse to court proceedings.