Adam Wolk, left, and Barbara Goodstein, right, of Mayer Brown. Courtesy photos Foreclosing on Collateral? Make Sure Your Sale Is Commercially Reasonable
The recently decided Southern District of New York case of 'CCO Condo Portfolio (AZ) Junior Mezzanine v. Feldman' hinged on whether a UCC Article 9 foreclosure was conducted in a commercially reasonable manner.
June 05, 2024 at 10:00 AM
10 minute read
Foreclosing on collateral when a debtor defaults requires close attention to the rules under Part 6 of Article 9 of the Uniform Commercial Code (UCC). Among them is the requirement in Section 9-610 that a foreclosure be "commercially reasonable." This requirement is very fact-focused and, accordingly, one of the most litigated standards in Article 9.
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