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Secured Transactions: Lecture Three: Default, Remedies, and Enforcement
This lecture explores the critical phase of default, remedies, and enforcement in secure transactions under Article 9 of the UCC. It covers the definition of default, the rights of secured parties upon default, the process of repossession, and the importance of commercial reasonableness in the disposition of collateral. The lecture also discusses the procedural safeguards in place to protect debtor rights and the implications of noncompliance with UCC requirements.
Takeaways
Default is largely defined by the parties' agreement.
Secured parties have powerful rights upon default.
Repossession can occur without judicial process if done peacefully.
Commercial reasonableness is crucial in the sale of collateral.
Failure to provide notice can lead to loss of deficiency rights.
Debtors have redemption rights before collateral is disposed of.
Judicial remedies can be pursued when self-help is risky.
Procedural safeguards ensure fairness in enforcement.
Noncompliance with UCC can result in sanctions.
Understanding these principles is vital for commercial law practice.
secure transactions, default, remedies, UCC, collateral, enforcement, commercial law, debtor rights, repossession, judicial remedies
Published on 6 months, 2 weeks ago