A secured party may sell,lease,or otherwise dispose of collateral.

Name: A secured party may sell,lease,or otherwise dispose of collateral.
Brand: Quizplus
Rating: 5.0 (54 reviews)

Question

Quizplus · Accepted Answer

As spelled out in the Uniform Commercial Code (UCC), a secured party has the right to sell, lease, or otherwise dispose of the collateral in a commercially reasonable manner if the debtor defaults on their obligation. However, certain legal and procedural requirements must be met before the sale or disposal can take place.

A Secured Party May Sell,lease,or Otherwise Dispose of Collateral