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

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

Name: Texas 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. Texas Notice of Public Sale of Collateral (Consumer Goods) on Default is a legal document issued to inform the public about the sale of consumer goods that have been put up as collateral by a debtor who has defaulted on their loan or payment obligations. This notice is commonly used in Texas to comply with the provisions of the Uniform Commercial Code (UCC) as it relates to the sale of collateral. In Texas, there are different types of Texas Notice of Public Sale of Collateral (Consumer Goods) on Default, which vary depending on the nature of the consumer goods involved. Some types include: 1. Texas Notice of Public Sale of Collateral (Consumer Goods) on Default — Automobiles: This type of notice is used to inform the public about the sale of automobiles that have been put up as collateral by a debtor who has defaulted on their loan or payment obligations related to the vehicle. 2. Texas Notice of Public Sale of Collateral (Consumer Goods) on Default — Electronics: This type of notice is used to inform the public about the sale of electronic goods such as televisions, smartphones, or laptops that have been put up as collateral by a debtor who has defaulted on their loan or payment obligations related to the electronics. 3. Texas Notice of Public Sale of Collateral (Consumer Goods) on Default — Furniture: This type of notice is used to inform the public about the sale of furniture items that have been put up as collateral by a debtor who has defaulted on their loan or payment obligations related to the furniture. 4. Texas Notice of Public Sale of Collateral (Consumer Goods) on Default — Appliances: This type of notice is used to inform the public about the sale of household appliances like refrigerators, washing machines, or dishwashers that have been put up as collateral by a debtor who has defaulted on their loan or payment obligations related to the appliances. Each type of Texas Notice of Public Sale of Collateral (Consumer Goods) on Default includes essential information such as the name of the debtor, a detailed description of the collateral, the date, time, and location of the public sale, and the terms and conditions of the sale. The notice is typically published in a local newspaper and may also be posted at public places or online platforms to reach a wider audience. Potential keywords for this content may include: Texas, Notice of Public Sale, Collateral, Consumer Goods, Default, Automobiles, Electronics, Furniture, Appliances, Uniform Commercial Code (UCC), Debtor, Loan, Payment Obligations, Sale Terms, Newspaper, Online Posting.

Texas Notice of Public Sale of Collateral (Consumer Goods) on Default is a legal document issued to inform the public about the sale of consumer goods that have been put up as collateral by a debtor who has defaulted on their loan or payment obligations. This notice is commonly used in Texas to comply with the provisions of the Uniform Commercial Code (UCC) as it relates to the sale of collateral. In Texas, there are different types of Texas Notice of Public Sale of Collateral (Consumer Goods) on Default, which vary depending on the nature of the consumer goods involved. Some types include: 1. Texas Notice of Public Sale of Collateral (Consumer Goods) on Default — Automobiles: This type of notice is used to inform the public about the sale of automobiles that have been put up as collateral by a debtor who has defaulted on their loan or payment obligations related to the vehicle. 2. Texas Notice of Public Sale of Collateral (Consumer Goods) on Default — Electronics: This type of notice is used to inform the public about the sale of electronic goods such as televisions, smartphones, or laptops that have been put up as collateral by a debtor who has defaulted on their loan or payment obligations related to the electronics. 3. Texas Notice of Public Sale of Collateral (Consumer Goods) on Default — Furniture: This type of notice is used to inform the public about the sale of furniture items that have been put up as collateral by a debtor who has defaulted on their loan or payment obligations related to the furniture. 4. Texas Notice of Public Sale of Collateral (Consumer Goods) on Default — Appliances: This type of notice is used to inform the public about the sale of household appliances like refrigerators, washing machines, or dishwashers that have been put up as collateral by a debtor who has defaulted on their loan or payment obligations related to the appliances. Each type of Texas Notice of Public Sale of Collateral (Consumer Goods) on Default includes essential information such as the name of the debtor, a detailed description of the collateral, the date, time, and location of the public sale, and the terms and conditions of the sale. The notice is typically published in a local newspaper and may also be posted at public places or online platforms to reach a wider audience. Potential keywords for this content may include: Texas, Notice of Public Sale, Collateral, Consumer Goods, Default, Automobiles, Electronics, Furniture, Appliances, Uniform Commercial Code (UCC), Debtor, Loan, Payment Obligations, Sale Terms, Newspaper, Online Posting.

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

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FAQ

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.

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.

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.

When the debtor sells collateral, he or she receives proceeds, something that is exchanged for collateral. The secured party automatically has an interest in the proceeds. If 2 parties provide a loan based on the same collateral, the party with the secured interest will have priority on the collateral.

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

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.

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.

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.

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):

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By MW Benfield Jr · 1999 · Cited by 33 ? is subject to the consumer rules if the collateral is consumer goods.reasonable notification of the time and place of any public sale or. By ME Juntunen · 1982 ? provide notice 6 of sale of the repossessed collateral, 7 and there-to sell the goods at public auction, with notice to both the buyer and the public.Uniform Commercial Code1 statement is a legal notice filed byof asset may serve as such collateral, the most commonly used items include real ... 7 days ago ? When it is filed appropriately it gives public notice that a creditor has a security interest in collateral belonging to the customer documented ... Right to peaceably repossess collateral upon occasion of the debtor's default under a conditional sales contract. 0 Following codification of self-help in ... A creditor could lose out if the debtor defaults on their payment. How do they get satisfaction of the debt if they don't have possession of the collateral ... Perfection and public notification of the exist- ence of liens to creditors,that individual items of collateral be identified or that the borrower ...6 pages perfection and public notification of the exist- ence of liens to creditors,that individual items of collateral be identified or that the borrower ... By R Sachs · 1976 · Cited by 1 ? May the secured party, upon default, simply repossess the collateral andreasonable notification of the time and place of any public sale. An examination of the Texas nonjudicial foreclosure statute (Tex.oath by the appraisers, the sheriff conducts a public sale. If the highest bid is less ... Provisions delineating the proper notice which secured parties must give regarding the disposition of collateral upon default.21 In a ?consumer-goods.

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

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

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FAQ

What are proceeds under Article 9?

What term is used to describe the creation of a security interest that is enforceable against the debtor?

What is collateral disposition?

When a debtor sells collateral he or she receives something that is exchanged for collateral?

What is a notice of disposition of collateral?

What is a PMSI Lien?

How does the UCC define default under Article 9?

What is an Article 9 UCC sale?

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

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