New York 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
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.
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):
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
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.
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.
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).
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.
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.
