Connecticut 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 a section under the UCC governing secured transactions including the creation and enforcement of debts. Article 9 spells out the procedure for settling debts, including various types of collateralized loans and bonds.
Automatically upon attachment. A PMSI generally involves either: (1) a debtor buying an item on credit from a seller where the seller will be the secured party; or (2) a debtor using a loan from a bank directly to buy an item from a seller, where the bank will be the secured party.
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.
Article 9 provides a procedure for the buyer or lender to record a document in the real estate records to reflect that assignment. UCC § 9-607(b).
According to UCC Article 9, a purchase money security interest (PMSI) is a special type of security interest that enables those who finance a debtor's acquisition of goods to acquire a first priority security interest in the purchase-money collateral.
What are Proceeds? Section 9-102(a)(64) of the UCC provides that proceeds are whatever is received upon the sale, lease, license, exchange, or other disposition or collection of, or distribution on account of, 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
(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.
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.
For the most part, the UCC allows parties to use "after-acquired property" as collateral; however, the UCC does not allow after-acquired consumer goods to serve as collateral.
