Oregon Liquidation Agreement regarding Debtor's Collateral in Satisfaction of Indebtedness
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How to fill out Liquidation Agreement Regarding Debtor's Collateral In Satisfaction Of Indebtedness?
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FAQ
After the debtor defaults, the secured party may take possession of the collateral, dispose of the collateral, and seek a deficiency judgment against the debtor if necessary to cover the remaining debt.
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.
Default occurs when the debtor either fails to make a payment when due or violates his or her security agreement. After a debtor defaults, the secured party may obtain possession or control of the collateral by written consent of the debtor or by obtaining an order from the tribal court.
A secured party may perfect a security interest by having possession, either itself or through a third party, of the collateral. Possessory security interests are the oldest form of security interests in personal property.
A security interest is taken by a person who, by making advances or incurring an obligation, gives something of value that enables the debtor to acquire the rights in the collateral or to use it.
A purchase money security interest (PMSI) is created when a seller or lender agrees to extend credit to a buyer for all or part of the purchase price of: consumer goods. The process by which a creditor may take possession of (and usually sell) collateral to satisfy an unpaid debt is called: foreclosure.
In order for a security interest to be enforceable against the debtor and third parties, UCC Article 9 sets forth three requirements: Value must be provided in exchange for the collateral; the debtor must have rights in the collateral or the ability to convey rights in the collateral to a secured party; and either the ...
On the debtor's default, a secured party can take possession (peacefully or by the court order) of the collateral covered by the security agreement. This provision, because it occurs without the use of the judicial process, is often referred to as the "self-help" provision of article 9.
Article 9 of the Uniform Commercial Code requires that the debtor have "rights in the collateral" for the attachment of a security interest. The drafters of the Code, however, left the determination of this phrase's meaning to the courts.
Under the UCC, in order for a creditor to become a secured party?that is, a party with a legal right to take possession of the collateral if the debtor fails to pay?the creditor must take special steps (discussed below). These steps are known as "attachment of a security interest." Perfecting a security interest.