Title

Article 9 Foreclosures: When Is a Sale Not a Sale?

Authors

David G. Carlson, Benjamin N. Cardozo School of LawFollow

Files

Description

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.

DOI

https://doi.org/10.5195/lawreview.2022.912

Publication Date

Fall 2022

Volume

84

Publisher

University of Pittsburgh Law Review

First Page

67

Disciplines

Law

Recommended Citation

David G., Article 9 Foreclosures: When Is a Sale Not a Sale?, 84 University of Pittsburgh Law Review 67 (2022).
https://doi.org/10.5195/lawreview.2022.912