Kansas Notice of Public Sale of Collateral (Consumer Goods) on Default
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How to fill out Notice Of Public Sale Of Collateral (Consumer Goods) On Default?
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FAQ
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.
(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 borrower defaults on the payments, the lender can seize the property and sell it to recoup the funds owed. The primary difference between secured and unsecured debt is the presence or absence of collateralsomething used as security against non-repayment of the loan.
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.
Section 9-609 of the Uniform Commercial Code (UCC) permits the secured party to take possession of the collateral on default (unless the agreement specifies otherwise):
The UCC undergoes frequent revisions that address specific articles. Under Article 9, if a debtor defaults on their debt, the creditor may repossess 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.
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
(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.