Description: The Ohio Notice of Public Sale of Collateral (Consumer Goods) on Default is a legal document that serves as a notice to inform the public about an upcoming auction or sale of collateral. This notice is typically issued by a creditor or a lien holder when a borrower defaults on their loan or fails to make the necessary payments. The purpose of this notice is to provide transparency and give interested individuals an opportunity to bid on and purchase the consumer goods being sold. There are different types of Ohio Notice of Public Sale of Collateral (Consumer Goods) on Default, depending on the specific situation and regulations involved. Some of these variations include: 1. Ohio Notice of Public Sale of Collateral (Consumer Goods) on Default — Auto Loan: This type of notice is specifically related to the sale of consumer goods such as vehicles, cars, trucks, or motorcycles that were purchased using an auto loan. When the borrower defaults, the creditor will issue this notice to publicly announce the sale of the collateral. 2. Ohio Notice of Public Sale of Collateral (Consumer Goods) on Default — Electronics: This variation of the notice applies to consumer electronics, including but not limited to, televisions, computers, tablets, smartphones, and other electronic devices. It is issued by the creditor or lien holder to inform the public of the upcoming sale and provide details about the collateral available. 3. Ohio Notice of Public Sale of Collateral (Consumer Goods) on Default — Jewelry: When a borrower defaults on a loan encompassing jewelry as collateral, the creditor will issue this notice to announce the public sale of the pledged jewelry. It includes details regarding the type of jewelry available, such as rings, necklaces, bracelets, watches, and more. 4. Ohio Notice of Public Sale of Collateral (Consumer Goods) on Default — Furniture: This type of notice applies to consumer goods categorized as furniture, including sofas, chairs, tables, beds, cabinets, and any other household furnishings. The notice is issued when a borrower defaults on payments related to furniture purchased on credit or secured by a loan. 5. Ohio Notice of Public Sale of Collateral (Consumer Goods) on Default — Appliances: When a borrower fails to make payments on appliances purchased on credit or used as collateral, the creditor will issue this notice to inform the public about the upcoming sale. It includes details about various appliances like refrigerators, washing machines, dishwashers, ovens, and more. The purpose of all these notices is to provide fair notice to the public, creditors, and the defaulting borrower about the impending sale of collateral. The notices include essential information such as the date, time, and location of the sale, as well as details about the types and conditions of the consumer goods available. Interested parties can attend the auction or sale to bid on and potentially acquire the collateral being sold.
Ohio Notice of Public Sale of Collateral (Consumer Goods) on Default
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FAQ
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):
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.
Article 9 is an article under the Uniform Commercial Code (UCC) that governs secured transactions, or those transactions that pair a debt with the creditor's interest in the secured property.
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
A PMSI is created in goods when a seller retains a security interest in the goods sold on credit by a security agreement. A debtor need not sign the financing statement. Attachment must occur in order to make a security interest enforceable against the debtor and against third parties.
In short, UCC Article 9's main objective is to help lenders become secured creditors. Article 9 regulates security interests in personal property as collateral for an outstanding debt.
Key Points for the Secured Party to Remember Upon Debtor's Default. The term default is not defined under Article 9; the debtor and Secured Party are left to define events of default within their contract. The collateral may be repossessed.
Cash proceeds consist of money, checks, deposit accounts, or the like. U.C.C. § 9-102 (a)(9). Article 9 further assists secured parties by continuing indefinitely perfection of security interests in identifiable cash proceeds if the security interest in the original collateral was properly perfected.
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):