North Carolina 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 of the Uniform Commercial Code, or UCC, regulates secured transactions in personal property. It provides the framework for creating, perfecting, and enforcing security interests, including collateral management during defaults. Understanding Article 9 is essential when dealing with the North Carolina Notice of Public Sale of Collateral (Consumer Goods) on Default.
In "consumer-goods transactions," Revised Article 9 contains specific provisions delineating the proper notice which secured parties must give regarding the disposition of collateral upon default.
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.
A PMSI is created in goods when a seller retains a security interest in the goods sold on credit by a security agreement. A debtor need not sign the financing statement. Attachment must occur in order to make a security interest enforceable against the debtor and against third parties.
As noted in Chapter 3 (The Nature of Secured Credit under Article 9), Article 9 generally governs only consensual liens on personal property, i.e., security interests in personal property created by agreement. The creation of most other types of liens is largely outside the scope of Article 9.
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):
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 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.
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 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.