Article 9 Foreclosure Sales: A Win-Win In Calif.

Law360, New York (October 24, 2012, 12:59 PM EDT) -- Article 9 of the California Uniform Commercial Code prescribes a statutory framework governing the foreclosure process for se­curity interests in personal property. The default provisions of Chapter 6 of the Revised Uniform Commercial Code (the “Code”) commencing at Section 9-601 through 9-629 set forth these security interests.[1]

This is important to know because in foreclosure sales, secured creditors of­ten have big concerns about the require­ment to dispose of assets in a “commer­cially reasonable” manner as the Code requires (see Section 9-627).[2] Failure to conduct a commercially...
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