Ucc Foreclosure Sale Process
Description
How to fill out Notice Of Termination Of A UCC Sales Agreement For The Sale Of Goods Or Personal Property?
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FAQ
Article 9 regulates the creation of security interests, and the enforcement of those interests, in movable or intangible property and fixtures. It encompasses a wide variety of possessory liens and determines the legal right of ownership if a debtor does not meet their obligations.
Strict Foreclosure. A small number of states allow this type of foreclosure. In strict foreclosure proceedings, the lender files a lawsuit on the homeowner that has defaulted. If the borrower cannot pay the mortgage within a specific timeline ordered by the court, the property goes directly back to the mortgage holder.
With a "credit bid," the lender bids the debt that the borrower owes at the foreclosure sale. Basically, the lender gets a credit in the amount of the borrower's debt.
Article 9 sets out a framework that permits a secured creditor to repossess and dispose of its collateral efficiently and inexpensively while providing the debtor with various procedural protections. The trigger for the sale is the debtor's default on its obligations to the lender under the applicable loan documents.
Strict foreclosure remedies are found under Section 9-620(c). Strict foreclosure occurs when after a borrower defaults the borrower and lender enter into an agreement under which the borrower turns over some, or all, of the collateral to the lender in full or partial satisfaction of the debt.
