Virgin Islands 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
Your debtor defaults, or is in default, when they fail to fulfill the obligations identified in the Security Agreement. Default includes bankruptcy or insolvency of your debtor, debtor's failure to pay debts when due, removal of collateral and failure to insure collateral.
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
Article 9 is a section under the UCC governing secured transactions including the creation and enforcement of debts.
Article 9 of the Uniform Commercial Code (UCC), as adopted by all fifty states, generally governs secured transactions where security interests are taken in personal property. It regulates creation and enforcement of security interests in movable property, intangible property, and fixtures.
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.
Buyer Takes Free and Clear Upon the completion of an Article 9 sale, the buyer takes whatever rights the debtor had in the collateral, and the foreclosing party's security interest is discharged as well as any subordinate security interests and generally any subordinate liens.
(2) Proceeds - whatever is obtained by a debtor who sells the collateral or otherwise disposes of it.
When the debtor sells collateral, he or she receives proceeds, something that is exchanged for collateral. The secured party automatically has an interest in the proceeds. If 2 parties provide a loan based on the same collateral, the party with the secured interest will have priority on the collateral.
To become a secured party, the creditor must obtain a security interest in the collateral of the debtor.
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.
