Maryland 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.
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
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):
Article 9 protects your right to freedom of thought, belief and religion. It includes the right to change your religion or beliefs at any time. You also have the right to put your thoughts and beliefs into action.
If the proceeds are not identifiable cash proceeds, the perfection of the secured party's security interest in such proceeds continues for a period of 20 days.
Generally, a secured creditor may seek to enforce its rights on its collateral upon a borrower's default. A secured creditor's remedies include an Article 9 sale, the right to sell the collateral to a third party in a private or public sale without judicial proceedings.
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.
Uniform Commercial Code (UCC) Articles Article 2/2a: The sale of goods, excluding real estate and service contracts. Article 2a covers leases of personal property. Article 3: Checks, drafts, and other negotiable instruments, such as notes (the promise to pay money).
Article 9 regulates security interests in personal property as collateral for an outstanding debt.