West Virginia 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
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.
Under §9-622, a proposal to accept collateral in full satisfaction of the debt that is consented to by the debtor discharges the obligation not just the consenting debtor's liability for that obligation.
A secured transaction is any deal in which a creditor receives a security interest in the debtor's property. The creditor is known as the secured party and holds a security interest in the debtor's property. The property is known as the collateral for the loan. The security interest helps ensure the debtor's payment.
(12) "Collateral" means the property subject to a security interest or agricultural lien. The term includes: (A) proceeds to which a security interest attaches; (B) accounts, chattel paper, payment intangibles, and promissory notes that have been sold; and. (C) goods that are the subject of a consignment.
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.
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
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.
If the debtor defaults and does not repay the loan, generally the secured party can foreclose and recover the collateral. A person who has an ownership or other interest in the collateral and owes payment of a secured obligation Revised UCC 9-102(a)(28).
Through Pledge: Transfer of collateral to the secured party for the purpose of perfection. Some types of collateral can only be perfected through possession eg; CDs, stocks and bonds.
Through Pledge: Transfer of collateral to the secured party for the purpose of perfection. Some types of collateral can only be perfected through possession eg; CDs, stocks and bonds.
