What is an Article 9 foreclosure sale?

Buyer Takes Free and Clear Upon the completion of an Article 9 sale, the buyer takes whatever rights the debtor had in the collateral, and the foreclosing party's security interest is discharged as well as any subordinate security interests and generally any subordinate liens.

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

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

Name: Oregon 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. Oregon Notice of Public Sale of Collateral (Consumer Goods) on Default is a legal document that is used when a borrower defaults on a loan agreement and their collateral, which in this case are consumer goods, is repossessed. This notice allows the lender to inform the public about the impending sale of the collateral in order to recoup the outstanding debt. When it comes to the different types of Oregon Notice of Public Sale of Collateral (Consumer Goods) on Default, they may vary depending on the nature of the consumer goods being repossessed. Some common types include: 1. Oregon Notice of Public Sale of Collateral (Consumer Goods) on Default — Automobile: This specific type of notice would be used when a borrower defaults on an auto loan, resulting in the repossession and subsequent sale of the vehicle. 2. Oregon Notice of Public Sale of Collateral (Consumer Goods) on Default — Electronics: This particular notice is applicable when the collateral consists of electronic devices, such as televisions, computers, or smartphones, which were used as security for a loan. 3. Oregon Notice of Public Sale of Collateral (Consumer Goods) on Default — Furniture: This type of notice is used when furniture, such as couches, tables, or beds, is repossessed and will be sold to recover the outstanding debt. 4. Oregon Notice of Public Sale of Collateral (Consumer Goods) on Default — Appliances: This notice pertains to the repossession and sale of appliances like refrigerators, washing machines, or microwaves, which were used as collateral on a loan. Regardless of the type, the purpose of the Oregon Notice of Public Sale of Collateral (Consumer Goods) on Default is to provide a legal notification to the borrower, as well as any interested parties, about the upcoming sale of the collateral in order to satisfy the unpaid loan balance. The notice contains essential information such as the description of the collateral, the date, time, and location of the public sale, and any other applicable terms and conditions. It is crucial for lenders and borrowers alike to familiarize themselves with the specific requirements and regulations outlined by the state of Oregon regarding the Notice of Public Sale of Collateral (Consumer Goods) on Default. Seeking legal advice or consulting the relevant statutes to ensure compliance is highly recommended avoiding any potential disputes or legal complications.

Oregon Notice of Public Sale of Collateral (Consumer Goods) on Default is a legal document that is used when a borrower defaults on a loan agreement and their collateral, which in this case are consumer goods, is repossessed. This notice allows the lender to inform the public about the impending sale of the collateral in order to recoup the outstanding debt. When it comes to the different types of Oregon Notice of Public Sale of Collateral (Consumer Goods) on Default, they may vary depending on the nature of the consumer goods being repossessed. Some common types include: 1. Oregon Notice of Public Sale of Collateral (Consumer Goods) on Default — Automobile: This specific type of notice would be used when a borrower defaults on an auto loan, resulting in the repossession and subsequent sale of the vehicle. 2. Oregon Notice of Public Sale of Collateral (Consumer Goods) on Default — Electronics: This particular notice is applicable when the collateral consists of electronic devices, such as televisions, computers, or smartphones, which were used as security for a loan. 3. Oregon Notice of Public Sale of Collateral (Consumer Goods) on Default — Furniture: This type of notice is used when furniture, such as couches, tables, or beds, is repossessed and will be sold to recover the outstanding debt. 4. Oregon Notice of Public Sale of Collateral (Consumer Goods) on Default — Appliances: This notice pertains to the repossession and sale of appliances like refrigerators, washing machines, or microwaves, which were used as collateral on a loan. Regardless of the type, the purpose of the Oregon Notice of Public Sale of Collateral (Consumer Goods) on Default is to provide a legal notification to the borrower, as well as any interested parties, about the upcoming sale of the collateral in order to satisfy the unpaid loan balance. The notice contains essential information such as the description of the collateral, the date, time, and location of the public sale, and any other applicable terms and conditions. It is crucial for lenders and borrowers alike to familiarize themselves with the specific requirements and regulations outlined by the state of Oregon regarding the Notice of Public Sale of Collateral (Consumer Goods) on Default. Seeking legal advice or consulting the relevant statutes to ensure compliance is highly recommended avoiding any potential disputes or legal complications.

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

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FAQ

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.

Article 9 is a section under the UCC governing secured transactions including the creation and enforcement of debts. Article 9 spells out the procedure for settling debts, including various types of collateralized loans and bonds.

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.

If the debtor defaults and does not repay the loan, generally the secured party can foreclose and recover the collateral. A person who has an ownership or other interest in the collateral and owes payment of a secured obligation Revised UCC 9-102(a)(28).

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):

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.

If a borrower defaults on a secured credit product, the secured creditor has a legal right to the secured asset used as collateral. The secured asset may be seized by the secured creditor and sold to pay off any remaining obligations.

If the debtor defaults under its obligation, the secured creditor may proceed to sell the assets representing the collateral under the secured party's Credit Agreement.

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

Buyer Takes Free and Clear Upon the completion of an Article 9 sale, the buyer takes whatever rights the debtor had in the collateral, and the foreclosing party's security interest is discharged as well as any subordinate security interests and generally any subordinate liens.

More info

By WE Hogan · Cited by 104 ? for mandatory public sales, detailed public notices, or other specif-as inventory, equipment, consumer goods, and accounts, are set forth i-i.51 pages by WE Hogan · Cited by 104 ? for mandatory public sales, detailed public notices, or other specif-as inventory, equipment, consumer goods, and accounts, are set forth i-i. By CH White · 1964 · Cited by 13 ? the purchase money for a new item of consumer goods or equipment or inventory from a seller-lenderand where to file notices of the security interest,2.In a consumer-goods transaction, the following rules apply:For a public disposition: . We will sell describe collateral at public sale. 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 ... 731.41 Notice of Sale of Personal Property.this section to repossess consumer goods takes the collateral in full satisfaction of the underlying debt, ... By FH Miller · 1991 · Cited by 4 ? "technical" defaults. For example, in two Oregon cases8 the courts held that a lender who is aware that the debtor has consumer credit ... The Uniform Commercial Code (?UCC?) is a set of laws governing commercial transactions, such as the sale of goods, secured transactions, and negotiable ... By J Krahmer · 1973 · Cited by 13 ? of whether Or not a contract signed by a consumer is unconscionablethe collateral at any time before sale or other disposition "by tender-. This Security Agreement is intended to cover ?all assets? of the Obligors.or otherwise dispose of any or all Collateral at public or private sale or ... F. How Good (or Bad) Are the Default and Remedy Provisions in theE. Proper Conduct of the Sale After Repossession and the Oregon Rule ...

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

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

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