The Secured Party’s General Remedies
Learn about the secured party’s post-default rights and responsibilities.
This lesson is about the post-default rights and duties of the secured party, with the focus on the right to repossession.
I. What Is Default?
It takes intentional effort for a party to attach to a debtor’s collateral and perfect that attachment. The point of that effort is to ensure that the party has access to certain rights and remedies if the debtor defaults compared to if the party were simply a general unsecured creditor, and thus had only a breach of contract action.