Does Article 9 apply to consumer goods?

Therefore, there was doubt that similar provisions would be acceptable in most states as part of Revised Article 9. 12. "Goods are (1) 'consumer goods' if they are used or bought primarily for personal, family, or household purposes." U.C.C.

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

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

Name: Wake North Carolina 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:

Wake

Control #:

US-0590BG

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Description

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

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How to fill out Wake North Carolina Notice Of Private Sale Of Collateral (Non-consumer Goods) On Default?

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(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.

§ 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.

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.

(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 §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.

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.

(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.

Therefore, there was doubt that similar provisions would be acceptable in most states as part of Revised Article 9. 12. "Goods are (1) 'consumer goods' if they are used or bought primarily for personal, family, or household purposes." U.C.C.

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.

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

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

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

What is a notification of disposition of collateral?

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What is collateral under the UCC?

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What does disposition of collateral mean?

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Does Article 9 apply to consumer goods?

What type of collateral must be perfected through possession?

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