Strict Foreclosure on Personal Property – When Can a Secured Party Keep the Collateral?

Morrison & Foerster LLP
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One of the most frequent questions that clients ask is the following: “Now that the debtor is in default, can I keep the collateral?” The short answer under the Uniform Commercial Code in the United States is usually “no,” which often takes clients by surprise.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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