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

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