Pennsylvania 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
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.
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 regulates security interests in personal property as collateral for an outstanding debt.
In the event the borrower defaults, usually by failing to make loan payments, a secured creditor has a right to take possession of the collateral. § 679.609, Fla. Stat. The quickest and cheapest way for a secured creditor to take possession of the collateral is by self-help repossession.
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.
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
Summary. The Uniform Commercial Code (UCC) is a comprehensive set of laws governing all commercial transactions in the United States. It is not a federal law, but a uniformly adopted state law. Uniformity of law is essential in this area for the interstate transaction of business.
Security interest is an enforceable legal claim or lien on collateral that has been pledged, usually to obtain a loan. The borrower provides the lender with a security interest in certain assets, which gives the lender the right to repossess all or part of the property if the borrower stops making loan payments.
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.
