(1) After default, a secured creditor with a security interest in receivables, negotiable instrument or funds credited to a deposit account may collect payment from the —
(a) debtor of receivables;
(b) obligor under the negotiable instrument; or
(c) financial institution maintaining the deposit account.
(2) A secured creditor may, with the consent of the grantor, exercise the right to collect under subsection (1) before the default.
(3) A secured creditor exercising the right to collect payment under subsection (1) or (2) may enforce a personal or property right that secures or supports payment of the encumbered property.
(4) Where a security interest in funds credited to a deposit account is made effective against a third party by a registered notice, the secured creditor may collect or enforce the security interest of the secured creditor pursuant to an order of the court, unless the financial institution agrees otherwise.
(5) The right of a secured creditor to collect under subsection (1) to (4) is subject to sections 80 to 89.