Publication Date
Fall 2022
Journal
University of Pittsburgh Law Review
Abstract
Article 9 of the Uniform Commercial Code empowers a secured creditor to sell collateral. This power is circumscribed. A secured party may not sell before default. A secured party cannot self-deal in a private sale. A pledgee of securities can sell to itself in a private sale if the securities are of a kind that is customarily sold on a recognized market, but the law is unclear what formalities the pledgee must meet to memorialize the sale. A secured party may not sell in a commercially reasonable manner to a buyer with notice of the commercial unreason. This article explores these and other limits on a secured creditor's power to sell. Sometimes a sale is not a sale.
Volume
84
Issue
1
First Page
67
Last Page
126
Publisher
University of Pittsburgh School of Law
DOI
https://doi.org/10.5195/lawreview.2022.912
Disciplines
Commercial Law | Law
Recommended Citation
David G. Carlson,
Article 9 Foreclosures: When Is a Sale Not a Sale?,
84
U. Pitt. L. Rev.
67
(2022).
https://doi.org/10.5195/lawreview.2022.912
