Noncomplying Secured Creditors, Deficiency Judgments, and Implied Satisfactions under the Nebraska Uniform Commercial Code
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Authors
Anderson, Terry M.
Issue Date
1993
Type
Journal Article
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Abstract
FIRST PARAGRAPH(S)|The default provisions of Article 9 of the Uniform Commercial Code ("UCC") are designed to afford secured creditors a streamlined procedure for repossession and disposition of collateral. The secured creditor may repossess the collateral by self-help if done peaceably, and may (but need not always) dispose of the property by public or private sale, so long as "every aspect of the disposition" is done in a "commercially reasonable" manner. In certain cases, the secured creditor must dispose of the collateral but generally may propose retaining possession in complete satisfaction of the secured debt. If the secured creditor chooses to sell the collateral, then the proceeds are applied to the secured debt...
Description
Citation
26 Creighton L. Rev. 1 (1992-1993)
Publisher
Creighton University School of Law