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

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

Name: Sacramento California 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:

Sacramento

Control #:

US-0590BG

Format:

Instant download

Description

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

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How to fill out Sacramento California Notice Of Private Sale Of Collateral (Non-consumer Goods) On Default?

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FAQ

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).

RIGHTS AND DUTIES OF SECURED PARTY HAVING POSSESSION OR CONTROL OF COLLATERAL. (a) Duty of care when secured party in possession. Except as otherwise provided in subsection (d), a secured party shall use reasonable care in the custody and preservation of collateral in the secured party's possession.

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.

(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.

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.

(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.

§ 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.

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

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How to fill out Sacramento California Notice Of Private Sale Of Collateral (Non-consumer Goods) On Default?

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

What are the rights of the secured party?

What does disposition of collateral mean?

What is collateral under the UCC?

What is a notification of disposition of collateral?

What type of collateral must be perfected through possession?

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

What options does a secured party have if a debtor defaults?

How do secured parties cure a default?

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

When a default occurs the secured party may?

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