Rights and Remedies upon Default In event of default Secured party may take possession of the goods
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Rights and Remedies upon Default
In event of default
Secured party may take possession of the goods and sell them to recover the amount owed
Creditor usually hires bailiff
Right to redeem: debtor must be provided opportunity to redeem
And given notice that debtor will be responsible for difference between remaining debt and sale of goods
Method chosen to sell goods must be commercially reasonable
Debtor is entitled to surplus
Consider above concept relate to rights and remedies upon defaults, please give a real-life example of Rights and Remedies upon Default (PLEASE DO NOT EXPLAIN THE CONCEPT AGAIN)
Related Book For
Dynamic Business Law
ISBN: 9781260733976
6th Edition
Authors: Nancy Kubasek, M. Neil Browne, Daniel Herron, Lucien Dhooge, Linda Barkacs
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