A Notice of Public Sale of Collateral is a legal document used by lenders, such as banks or other financial institutions, to announce an upcoming public auction of a borrower's collateral. This document is issued when a borrower is unable to repay a loan, and the lender needs to recover their losses. The Notice of Public Sale of Collateral will outline the terms and conditions of the sale, including the date, time, and location of the auction, as well as the type of collateral being sold. It will also provide contact information for any questions or inquiries. There are two main types of Notice of Public Sale of Collateral: residential and commercial. Residential notices are used when a borrower is unable to repay a mortgage or other loan secured against their home. Commercial notices are used when a borrower is unable to repay a loan secured against their business assets or other commercial property.
Notice of Public Sale of Collateral
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How to fill out Notice Of Public Sale Of Collateral?
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FAQ
Article 9 sets out a framework that permits a secured creditor to repossess and dispose of its collateral efficiently and inexpensively while providing the debtor with various procedural protections. The trigger for the sale is the debtor's default on its obligations to the lender under the applicable loan documents.
Proceeds from the disposition of collateral after default on the underlying debt are distributed in what order? reasonable expenses incurred by the secured party in repossessing, storing, and reselling the collateral.
(a) After default, a secured party may sell, lease, license, or otherwise dispose of any or all of the collateral in its present condition or following any commercially reasonable preparation or processing.
Any notification of intended disposition of any of the Collateral required by law shall be deemed reasonably and properly given if given at least ten (10) calendar days before such disposition.
The UCC does not define ?disposition.? A ?sale? is defined to mean the passing of title, but courts have determined that a disposition is a broader form of transfer than a sale.
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.
Sale of Collateral means any Asset Sale to the extent involving assets, rights or other property that constitutes Collateral under the Security Documents.