What are two things creditors can do if a debtor defaults on a debt quizlet?

If the debtor defaults on his agreement with the creditor, one of the creditor's options is to repossess the collateral and then sell it.

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Notice of Private Sale of Collateral (Non-consumer Goods) on Default

Hillsborough Florida Notice of Private Sale of Collateral (Non-consumer Goods) on Default

Name: Hillsborough Florida Notice of Private Sale of Collateral (Non-consumer Goods) on Default
Brand: US Legal Forms
Rating: 4.76 (235 reviews)

Category:

Contracts - Buy Sell - Sale of Goods

State:

Multi-State

County:

Hillsborough

Control #:

US-0590BG

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This form is for notice of private sale of collateral on default.

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FAQ

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.

Note: While attachment gives a creditor rights as against the debtor, perfection gives the creditor rights against other creditors and sometimes purchasers of the 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).

If the debtor defaults on his agreement with the creditor, one of the creditor's options is to repossess the collateral and then sell it.

(a) After default, a secured party may (1) take possession of the collateral; and (2) without removal, may render equipment unusable and dispose of collateral on a debtor's premises.

(a) After default, a secured party may do both of the following: (1) Take possession of the collateral. (2) Without removal, render equipment unusable and dispose of collateral on a debtor's premises under Section 9610.

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.

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

Upon default, a secured party can either take possession of the collateral or render collateral such as equipment unusable, or dispute of collateral on a debtor's premises under Section 9-1610.

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Hillsborough Florida Notice of Private Sale of Collateral (Non-consumer Goods) on Default

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