Puerto Rico 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.
Key Takeaways. A security interest on a loan is a legal claim on collateral that the borrower provides that allows the lender to repossess the collateral and sell it if the loan goes bad.
If two parties have a security interest in the same property, the party who filed first takes first. If the competing security interests are both unperfected, the party who was first to attach the property as collateral has priority. Other creditors of a debtor may have the first claim on secured property.
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
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.
Attachment when a security agreement is executed and the debtor acquires right in the assets subject to the security interest (collateral). The creditor's security interest becomes enforceable.
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 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.
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.
