Legal Forms
To search for a particular term please use the following search box.
Important Notice : Lawyerintl.com strongly recommends that you seek independent legal advice from a qualified lawyer before using any of the forms on this site, in order that you can verify the forms are suitable for your needs.
Disposition Of Collateral On Default
DISPOSITION OF COLLATERAL ON DEFAULT
If this instrument is not paid at the time specified in this document, payee may sell and deliver any part of or all of the collateral to a broker of its choice for public or private sale without notice, advertisement, or demand of any kind. Payee may apply the proceeds of the sale, after deducting all costs and expenses for collection, sale, and delivery, to the payment of the unpaid principal and interest of this instrument or to any other indebtedness owed by maker to payee. Any amount that remains from the proceeds of the sale after payment of all indebtedness owed by maker to payee shall be returned to maker. Payee may purchase any or all of the collateral if the sale of the collateral is open to the public. Payee may register any or all of the collateral in the name of payee or in the name of payees nominee, with or without indication of pledge. Payee shall exercise reasonable care of the collateral in its possession but otherwise payee shall have no responsibility for the protection of the collateral.
This is a UCC form. It is intended to be
an addendum to other forms.