District of Columbia Notice of Private Sale of Collateral (Non-consumer Goods) on Default
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How to fill out Notice Of Private Sale Of Collateral (Non-consumer Goods) On Default?
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FAQ
A writing or writings that evidence both a monetary obligation and a security interest in or a lease of specific goods. In many instances chattel paper will consist of a negotiable instrument coupled with a security agreement.
Although Dealer does not, in such a transaction, retain any residual ownership interest in the chattel paper, the chattel paper constitutes proceeds of the goods to which SP-1's security interest will attach and continue following the sale of the goods.
Credit extended for the operation of a business is not consumer debt and even consumer goods or consumer intangibles taken as security would not make the transaction a consumer transaction (though as noted above, some provisions of Revised Article 9 apply to transactions secured by consumer goods even though the credit
"'Chattel paper' means a writing or writings which evidence both a mone- tary obligation and a security interest in or a lease of specific goods." UCC § 9-105 (1) (b). "'Account means any right to payment for goods sold or leased or for services.
"'Chattel paper' means a writing or writings which evidence both a mone- tary obligation and a security interest in or a lease of specific goods." UCC § 9-105 (1) (b). "'Account means any right to payment for goods sold or leased or for services.
A writing or writings that evidence both a monetary obligation and a security interest in or a lease of specific goods. In many instances chattel paper will consist of a negotiable instrument coupled with a security agreement.
(c) The sales contract creating an interest in the vehicle to secure the unpaid sales price of the vehicle and the promissory note together constitute tangible chattel paper.
Chattel paper is a writing that indicates that the holder is owed money and has a security interest in valuable goods associated with the debt. For example, assume that a car dealership has sold a car on financing to a buyer and has retained the title as security.
Chattel paper is a piece of writing that shows evidence of two things: a monetary obligation and a security interest in, or lease of, specific goods. An equipment lease is a good example of chattel paper.
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
