Kansas 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
Through Pledge: Transfer of collateral to the secured party for the purpose of perfection. Some types of collateral can only be perfected through possession eg; CDs, stocks and bonds.
Either way, if you or the business can't pay back the debt, a secured creditor can repossess or foreclose on the secured property, or order it to be sold, to satisfy the debt.
(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.
(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.
If the debtor defaults under its obligation, the secured creditor may proceed to sell the assets representing the collateral under the secured party's Credit Agreement.
If the debtor defaults and does not repay the loan, generally the secured party can foreclose and recover the collateral. A person who has an ownership or other interest in the collateral and owes payment of a secured obligation Revised UCC 9-102(a)(28).
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.
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 a borrower defaults on a secured credit product, the secured creditor has a legal right to the secured asset used as collateral. The secured asset may be seized by the secured creditor and sold to pay off any remaining obligations.
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
