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

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

Name: King Washington 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:

King

Control #:

US-0590BG

Format:

Instant download

Description

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

Sample Letter for Motion to Continue

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FAQ

(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.

(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.

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

Under §9-622, a proposal to accept collateral in full satisfaction of the debt that is consented to by the debtor discharges the obligation not just the consenting debtor's liability for that obligation.

(12) "Collateral" means the property subject to a security interest or agricultural lien. The term includes: (A) proceeds to which a security interest attaches; (B) accounts, chattel paper, payment intangibles, and promissory notes that have been sold; and. (C) goods that are the subject of a consignment.

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

Certain types of collateral may or must be perfected by possession. Money, for example, must be perfected by possession of the secured party. A security interest in instruments, certificated securities, chattel paper, goods and negotiable documents may be perfected by possession.

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.

§ 9-623. RIGHT TO REDEEM COLLATERAL. (a) Persons that may redeem. A debtor, any secondary obligor, or any other secured party or lienholder may redeem collateral.

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Only with the UCC as applied to non-consumer goods personal property. Such collateral is inventory on the one hand or consumer goods or equipment on the other.Auctions 8 - 26 — Cases involving claims based on state law may or may not be heard in the bankruptcy court. Get free access to the complete judgment in COMMERCIAL CREDIT CORP. v. After being accepted for a mortgage loan, completing any closing requirements, and receiving necessary disclosures, the borrower can close on the loan. Consumer protection. 16. Limited. Purpose Clause. Amendments in the Bill do little to assist lenders. Pledged as security for Collateral gold notes .

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

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How do secured parties cure a default?

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When a debt is secured by property as collateral and the debtor defaults The creditor may?

What does proposal for acceptance of collateral in full satisfaction of debt mean?

What is collateral under the UCC?

What is a notification of disposition of collateral?

What type of collateral must be perfected through possession?

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

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