(1) If the prerequisites set out in section 1228 (2) have occurred, the pledgee is entitled to collect the claim and the debtor may pay only to the pledgee. The pledgee is entitled to collect a money claim only to the extent that it is necessary for their satisfaction. To the extent that they are entitled to collection, they may also demand that the money claim be assigned to them instead of payment.
(2) The pledgee has no right to make other dispositions of the claim; the right to seek satisfaction from the claim in accordance with section 1277 remains unaffected.