A Notice of Private Sale of Collateral is a document used to inform a debtor of a creditor's intent to sell collateral that has been pledged as security for a loan. This document serves as a warning that the creditor intends to dispose of the collateral if the debt is not paid. There are two main types of Notice of Private Sale of Collateral: a voluntary notice and an involuntary notice. A voluntary notice is sent when the debtor agrees to the terms of the sale and consents to the sale of the collateral, while an involuntary notice is sent when the debtor does not agree with the sale and the creditor is attempting to recoup the debt through the sale. The Notice of Private Sale of Collateral typically includes details such as the date of the sale, the location of the sale, the amount of debt owed, the type of collateral being sold, and the terms of the sale.
Notice of Private Sale of Collateral
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How to fill out Notice Of Private Sale Of Collateral?
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FAQ
Collateral Proceeds means the Liquidation Proceeds of the Relevant Collateral or any Undeliverable Assets forming part of the Relevant Collateral (as the case may be) denominated in the Settlement Currency.
Generally, a buyer of collateral subject to a security interest takes the property subject to that security interest. 9-315(a)(1) thru 320. That is, if a debtor sells collateral that is subject to a security interest, the security interest continues in the collateral following the sale to the buyer.
Proceeds: Money or other valuable asset(s) received when collateral is sold or otherwise disposed of (e.g., money from sale of inventory that was subject to a security interest).
The secured party's agreement to accept collateral is self-executing and cannot be breached. The secured party is bound by its agreement to accept collateral and by any proposal to which the debtor consents.
Sale of Collateral means any Asset Sale to the extent involving assets, rights or other property that constitutes Collateral under the Security Documents.
Article 9 sets out a framework that permits a secured creditor to repossess and dispose of its collateral efficiently and inexpensively while providing the debtor with various procedural protections. The trigger for the sale is the debtor's default on its obligations to the lender under the applicable loan documents.
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.
Any notification of intended disposition of any of the Collateral required by law shall be deemed reasonably and properly given if given at least ten (10) calendar days before such disposition.
