How does an article 9 sale work?

Generally, a secured creditor may seek to enforce its rights on its collateral upon a borrower's default. A secured creditor's remedies include an Article 9 sale, the right to sell the collateral to a third party in a private or public sale without judicial proceedings.

How long does a secured party's interest in proceeds last?

If the proceeds are not identifiable cash proceeds, the perfection of the secured party's security interest in such proceeds continues for a period of 20 days.

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Notice of Public Sale of Collateral (Consumer Goods) on Default

Colorado Notice of Public Sale of Collateral (Consumer Goods) on Default

Name: Colorado Notice of Public Sale of Collateral (Consumer Goods) on Default
Brand: US Legal Forms
Rating: 4.87 (200 reviews)

Category:

Contracts - Buy Sell - Sale of Goods

State:

Multi-State

Control #:

US-0591BG

Format:

Instant download

Description

This form is a notice of public sale of collateral on default. Colorado Notice of Public Sale of Collateral (Consumer Goods) on Default is a legal document that outlines the process of selling consumer goods when a borrower defaults on their loan. This notice is essential for lenders seeking to enforce their rights and recover the funds owed to them by the borrower. In Colorado, there are a few different types of Notice of Public Sale of Collateral (Consumer Goods) on Default, depending on the specific circumstances. These include: 1. Colorado Notice of Public Sale of Collateral (Consumer Goods) on Default — General: This type of notice is used for default situations involving various consumer goods, such as electronics, furniture, appliances, and other personal items. It outlines the borrower's default, the lender's intent to sell the collateral, and the date, time, and location of the public auction or sale. 2. Colorado Notice of Public Sale of Collateral (Consumer Goods) on Default — Vehicle: This specific notice is utilized when the default involves an automobile or any other type of vehicle used as collateral. It covers the borrower's breach of the loan agreement, the lender's decision to proceed with the sale, and the relevant details regarding the public auction or sale. 3. Colorado Notice of Public Sale of Collateral (Consumer Goods) on Default — Electronics: This type of notice is specific to situations where the default primarily involves electronic goods like computers, televisions, smartphones, and audio/video equipment. It includes specific language and details regarding the defaulted loan, the planned sale of the collateral, and the auction/sale specifics. Regardless of the type, a Colorado Notice of Public Sale of Collateral (Consumer Goods) on Default should include essential keywords to ensure its relevance and convey its purpose effectively. These keywords may include: Coloredad— - Notice of Public Sale - Collateral — Consumer Good— - Default - Loan Default — Sale on Defaul— - Public Auction - Borrower — Lender - LoaAgreementen— - Enforcing Rights — Recovery of Fund— - Breach of Agreement — Personal Propert— - Electronics - Vehicles — Furniture - Appliance— - Auction/Sale Details. Including these keywords in the notice will make it easily searchable and understandable by all parties involved, including potential buyers, auction houses, and legal professionals.

Colorado Notice of Public Sale of Collateral (Consumer Goods) on Default is a legal document that outlines the process of selling consumer goods when a borrower defaults on their loan. This notice is essential for lenders seeking to enforce their rights and recover the funds owed to them by the borrower. In Colorado, there are a few different types of Notice of Public Sale of Collateral (Consumer Goods) on Default, depending on the specific circumstances. These include: 1. Colorado Notice of Public Sale of Collateral (Consumer Goods) on Default — General: This type of notice is used for default situations involving various consumer goods, such as electronics, furniture, appliances, and other personal items. It outlines the borrower's default, the lender's intent to sell the collateral, and the date, time, and location of the public auction or sale. 2. Colorado Notice of Public Sale of Collateral (Consumer Goods) on Default — Vehicle: This specific notice is utilized when the default involves an automobile or any other type of vehicle used as collateral. It covers the borrower's breach of the loan agreement, the lender's decision to proceed with the sale, and the relevant details regarding the public auction or sale. 3. Colorado Notice of Public Sale of Collateral (Consumer Goods) on Default — Electronics: This type of notice is specific to situations where the default primarily involves electronic goods like computers, televisions, smartphones, and audio/video equipment. It includes specific language and details regarding the defaulted loan, the planned sale of the collateral, and the auction/sale specifics. Regardless of the type, a Colorado Notice of Public Sale of Collateral (Consumer Goods) on Default should include essential keywords to ensure its relevance and convey its purpose effectively. These keywords may include: Coloredad— - Notice of Public Sale - Collateral — Consumer Good— - Default - Loan Default — Sale on Defaul— - Public Auction - Borrower — Lender - LoaAgreementen— - Enforcing Rights — Recovery of Fund— - Breach of Agreement — Personal Propert— - Electronics - Vehicles — Furniture - Appliance— - Auction/Sale Details. Including these keywords in the notice will make it easily searchable and understandable by all parties involved, including potential buyers, auction houses, and legal professionals.

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FAQ

Article 9 regulates the creation of security interests, and the enforcement of those interests, in movable or intangible property and fixtures. It encompasses a wide variety of possessory liens and determines the legal right of ownership if a debtor does not meet their obligations.

Collateral Disposition means any sale, transfer or other disposition (whether voluntary or involuntary) to the extent involving assets or other rights or property that constitute Collateral.

Section 9-609 of the Uniform Commercial Code (UCC) permits the secured party to take possession of the collateral on default (unless the agreement specifies otherwise):

(12) "Collateral" means the property subject to a security interest or agricultural lien. The term includes: (A) proceeds to which a security interest attaches; (B) accounts, chattel paper, payment intangibles, and promissory notes that have been sold; and. (C) goods that are the subject of a consignment.

Generally, a secured creditor may seek to enforce its rights on its collateral upon a borrower's default. A secured creditor's remedies include an Article 9 sale, the right to sell the collateral to a third party in a private or public sale without judicial proceedings.

The term purchase money security interest (PMSI) refers to a legal claim that allows a lender to either repossess property financed with its loan or to demand repayment in cash if the borrower defaults. It gives the lender priority over claims made by other creditors.

If the proceeds are not identifiable cash proceeds, the perfection of the secured party's security interest in such proceeds continues for a period of 20 days.

However, generally speaking, the primary ways for a secured party to perfect a security interest are:by filing a financing statement with the appropriate public office.by possessing the collateral.by "controlling" the collateral; or.it's done automatically upon attachment of the security interest.

Under Section 9-611 of the Uniform Commercial Code, a secured creditor is required, in most circumstances, to send a reasonable authenticated notification of disposition. The notice is intended to provide the debtor, and other interested parties, an opportunity to monitor the disposition of the collateral, purchase

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A PMSI arises where the debtor gets credit to buy goods and the creditor takes aif the collateral was consumer goods; otherwise?upon demand?the secured ... Provides that a secured party must give personal notice to the default-compliance, or, where the collateral is consumer goods, to an automatic.12-Sept-2018 ? Upon default, a secured party can either take possession of theIf the collateral is other than consumer goods, a notice must be sent to ... As a public service, the staff of the Federal Trade Commission (FTC) hassuch notice from the consumer is made by mail, notification shall be complete ... By S Wechsler · 1983 · Cited by 14 ? Sales by a lien creditor are governed by other state law. In New York, for example, the relevant statute provides for public notice and sale ... Remedies including the summary repossession of consumer goods bymust give the debtor notice of the time and place of any public sale. Right to peaceably repossess collateral upon occasion of the debtor's default under a conditional sales contract. 0 Following codification of self-help in ... Collateral takes the form of consumer goods ? known as the ?seize or sue? rule.public sale (either as a whole or in commercial units or parts) and, ...36 pages collateral takes the form of consumer goods ? known as the ?seize or sue? rule.public sale (either as a whole or in commercial units or parts) and, ... 11-Mar-2022 ? A lien provides the creditor with the legal rights to seize and sell the collateral assets or property which is the subject of the lien ... If you don't reinstate the car loan or redeem the car, the lender is also required to send you written notice if it intends to sell the vehicle. This notice may ...

Colorado Notice of Public Sale of Collateral (Consumer Goods) on Default

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How to fill out Colorado Notice Of Public Sale Of Collateral (Consumer Goods) On Default?

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FAQ

What is a Article 9?

What is collateral disposition?

What section of the UCC addresses the debtors rights to redeem collateral after repossession?

What is the point of Article 9?

What is collateral under the UCC?

How does an article 9 sale work?

What is a purchase money security interest?

How long does a secured party's interest in proceeds last?

How do you perfect a security interest?

What is a notice of disposition of collateral?

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