Montgomery Maryland Demand for Collateral by Creditor

Name: Montgomery Maryland Demand for Collateral by Creditor
Brand: US Legal Forms
Rating: 4.68 (322 reviews)

Category:

Collections - Demand for Payment

State:

Multi-State

County:

Montgomery

Control #:

US-00493

Format:

Instant download

Description

This Demand for Collateral by Creditor letter demands that due to the default of the loan described in the letter with a total amount due, that the collateral be surrendered to the Creditor for non-payment. The collateral will then be liquidated in accordance with the laws of the state in which the original agreement presides. This Demand for Collateral letter can be used to demand payment in any state.

How to fill out Montgomery Maryland Demand For Collateral By Creditor?

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FAQ

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.

Redemption means that a secured debt on some secured collateral (e.g., car, boat, trailer, furniture, etc) can be paid off completely by paying the loan to the fair market value of the collateral, rather than the full loan balance. In the process, the debtor can save literally thousands of dollars.

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):

First, the creditor must send the debtor a proposal to accept the offer in satisfaction of the debt after default. Second, the proposal can be conditioned only upon the creditor's receipt of all of its collateral in exchange for the debt relief.

A security interest is a legal right granted by a debtor to a creditor over the debtor's property which enables the creditor to have recourse to the property if the debtor defaults in making payment or otherwise performing the secured obligations. Collateral is the more common term for this.

As discussed in last issue's column, revised Article 9 greatly expands the definition of "proceeds" so that a security interest in specific collateral will automatically extend to after-acquired property that is derived from the original collateral, even if there is no disposition of the original collateral.

In order for a security interest to be enforceable against the debtor and third parties, UCC Article 9 sets forth three requirements: Value must be provided in exchange for the collateral; the debtor must have rights in the collateral or the ability to convey rights in the collateral to a secured party; and either the

Under Revised Article 9 of the UCC, electronic chattel paper may be used as collateral in a secured transaction.

A creditor has a security interest in collateral, and becomes a secured party, if and when a security interest "attaches." Under the UCC, a security interest generally does not attach unless three basic requirements are met. In simplest form, the requirements are that: value be given for the security interest.

It is recommended that the security agreement include a provision giving the creditor a right to enter on the debtor's premises and retake the collateral in the event of default. Second, the creditor can file a claim & delivery lawsuit and have a court order the property be turned over to the creditor.

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Need Professional Help? Talk to a Business Law Attorney.A creditor concerned with bankruptcy can make a reclamation demand. Does An Automatic Stay Stop Montgomery Creditors Completely?

Montgomery Maryland Demand for Collateral by Creditor

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FAQ

What does Article 9 of the UCC cover?

What is redeeming collateral?

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

What are the 9 requirements for a creditor selling collateral to satisfy the debt?

Is a security interest a legal interest?

What are proceeds under Article 9?

How do you make an enforceable security interest?

Which of the following can be used as collateral under Article 9 of the UCC?

When the creditor becomes a secured party with an interest in the collateral?

How do you enforce a security interest?

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