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Understanding UCC and UCC Foreclosure, Part I

Forbearance, Liquidation or Foreclosure

A loan can become "troubled" for any number of reasons. A borrower may be suffering from a temporary setback, or from a general downturn in the economy, or from poor management. A loan may also be suffering from bad behavior by the borrower. At the time the loan is determined to be troubled, the lender may be fully secured, undersecured or completely unsecured. Also, the loan may or may not be supported by a guarantor.


What's a lender to do? This program will cover the following topics as they relate to troubled personal property secured loans:


1.    What to consider when making the threshold decision of whether to forbear or to foreclose?

2.    What are the standard provisions to include in a forbearance agreement?

3.    What are the additional provisions to transform the forbearance agreement into a liquidation agreement?

4.    What are the rules for an a disposition of collateral under the UCC (a so called Article 9 foreclosure sale)?

5.    What are the rules for a transfer of collateral in partial or complete satisfaction of a debt?