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The Secured Party’s Remedy of a Foreclosure Sale

The Secured Party’s Remedy of a Foreclosure Sale

Learn about the secured party’s right and remedy of disposition of collateral through a foreclosure sale.

Transcript

This lesson is about the secured party’s right and remedy of disposition of collateral through a foreclosure sale.

I. Disposing of, or Foreclosing on, Collateral

After default, once the secured party has repossessed or removed the tangible collateral, the secured party may sell the collateral. It may also lease it or license it. It may sell the collateral as-is, or prepare or process it for sale. See UCC § 9-610(a). The entire disposition must be completed with commercial reasonableness. See...