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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.

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.

Article 9 is an article under the Uniform Commercial Code (UCC) that governs secured transactions, or those transactions that pair a debt with the creditor's interest in the secured property.

(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.

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.

Article 9 protects your right to freedom of thought, belief and religion. It includes the right to change your religion or beliefs at any time. You also have the right to put your thoughts and beliefs into action.

1 financing statement (an abbreviation for Uniform Commercial Code1) is a legal form that a creditor files to give notice that it has or may have an interest in the personal property of a debtor (a person who owes a debt to the creditor as typically specified in the agreement creating the debt).

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

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.

§ 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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What good does a naked security interest do me? Tom GiardiTeddi MellencampErika JayneLisa RinnaDorit KemsleyPaul KemsleySanela Diana JenkinsSutton StrackeLisa VanderpumpCamille GrammerSheree ZampinoBrandi GlanvilleDouglas Smith, ‎Richard D Lawson, ‎A. SALE OF GOODS — continued . High Court of Justice.

Queens New York Notice of Public Sale of Collateral (Consumer Goods) on Default

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

When a default occurs the secured party may?

What is an Article 9 sale?

What is collateral under the UCC?

What type of collateral must be perfected through possession?

What is the meaning of Article 9?

What is the purpose of a financing statement?

What is a notification of disposition of collateral?

What does disposition of collateral mean?

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

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What is the Notice of Public Sale of Collateral?

Why is the Notice of Public Sale of Collateral issued?

Who issues the Notice of Public Sale of Collateral?

What does 'consumer goods' mean in the Notice of Public Sale?

What happens if the debtor defaults on their debt?

When and where will the public sale take place?

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