Phoenix Arizona has a specific legal process known as the Notice of Public Sale of Collateral (Consumer Goods) on Default, which is utilized in situations where borrowers default on their loans secured by consumer goods. This notice serves to notify the public of an upcoming auction or sale of the collateral in order to recover the outstanding debt. One type of Phoenix Arizona Notice of Public Sale of Collateral (Consumer Goods) on Default pertains to vehicles. When borrowers default on their auto loans, the lender has the right to sell the vehicle to recoup their losses. The notice will contain information about the specific vehicle being sold, including its make, model, year, and identification number (VIN). Potential buyers can then attend the public auction and bid on the vehicle. Another type of Notice of Public Sale of Collateral (Consumer Goods) on Default in Phoenix Arizona applies to personal property such as furniture, electronics, appliances, jewelry, or other valuable goods that were used as collateral for loans. In this case, the notice will include a detailed description of each item being sold, including brand names, sizes, and any other relevant identifying information. Interested buyers can attend the auction and bid on the items. These notices typically provide information about the date, time, and location of the sale. They also outline the terms and conditions of the auction, including any prerequisites for participation, accepted methods of payment, and the obligations of the buyer following the sale. The notice will also mention the creditor's right to pursue any deficiency balance if the sale proceeds do not cover the outstanding debt. It is essential for individuals interested in purchasing goods at these auctions to thoroughly review the notice, understand the terms, and inspect the collateral beforehand. Making informed decisions during the bidding process is crucial to ensure the best possible outcome. In conclusion, the Notice of Public Sale of Collateral (Consumer Goods) on Default in Phoenix Arizona is a legal procedure used to inform the public about upcoming auctions or sales of collateral upon borrower default. These notices cover a wide range of consumer goods such as vehicles, furniture, electronics, and more. By understanding the details of the notice and participating in the auction process, buyers can potentially acquire high-quality items at a significantly reduced price.
Phoenix Arizona Notice of Public Sale of Collateral (Consumer Goods) on Default
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How to fill out Phoenix Arizona Notice Of Public Sale Of Collateral (Consumer Goods) On Default?
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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.
Notice of Disposition or Change - a notice issued by the Department of Human Services of an individual's financial eligibility for Medicaid and approved Medicaid vendor date for payments to a Nursing Facility.
Each Grantor hereby waives notice of the time and place of any public sale or the time after which any private sale or other disposition of all or any part of the Collateral may be made.
In all cases, you should file a UCC-1 with the secretary of state's office in the state where the debtor is incorporated or organized (if a business), or lives (if an individual).
A web user, you may use our upload system to submit UCC filings to us, check the status of your filings, and create reports. To upload a filing, open a browser and go to .
How to complete a UCC1 (Step by Step) Filer Information. Name and phone number of contact at filer. Email contact at filer.Debtor Information. Organization or individual's name. Mailing address. Secured Party Information. Organization or individual's name. Mailing address. Collateral Information. Description of collateral.
Filing By Mail. Secretary of State. Attn: UCC Dept. 1700 W. Washington Street, Fl. Phoenix, AZ 85007-2808. In-Person Filing - Phoenix Office. State Capitol Executive Tower. 1700 W. Washington Street. Suite 220. In-Person Filing - Tucson Office. Arizona State Complex Building. 400 West Congress. First Floor, Suite 141.
Finally, the bankruptcy court reviewed §7-9-506 (UCC §9-506), which grants the debtor the right to redeem the collateral at any time before the secured party has disposed of or entered into a contract for its disposition.