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Using An Online Auction To Sell Article 9 Collateral, Michael Korybut
Using An Online Auction To Sell Article 9 Collateral, Michael Korybut
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This short article discusses selected issues under Article 9 of the Uniform Commercial Code with respect to a secured party using an online auction like eBay to sell repossessed collateral. In particular, the article analyzes certain potential limitations imposed by Article 9's commercial reasonableness standard and its notice of sale requirement.
Article 9'S Incorporation Strategy And Novel, New Markets For Collateral: A Theory Of Non-Adoption, Michael Korybut
Article 9'S Incorporation Strategy And Novel, New Markets For Collateral: A Theory Of Non-Adoption, Michael Korybut
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Online auctions like eBay are heralded widely as efficient, robust markets through which millions of businesses and people have sold billions of dollars of all types of property. Yet U.C.C. Article 9 secured parties apparently are only slowly and anemically adopting eBay or other online auctions to sell repossessed property (collateral) and are sticking instead to conventional, traditional sale methods. The apparent slow and anemic adoption of eBay and other online auctions by Article 9 secured creditors suggests a failure of the commercial reasonableness standard's incorporation strategy of new, efficient markets and its price-maximization goal. The Article proposes a non-adoption …
Online Auctions Of Repossessed Collateral Under Article 9, Michael Korybut
Online Auctions Of Repossessed Collateral Under Article 9, Michael Korybut
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Under U.C.C. Article 9, a secured creditor selling repossessed collateral must do so in a commercially reasonable manner. A traditional form of foreclosure sale is an auction conducted by a professional auctioneer. With the rapid growth of online auctions like eBay, secured parties may want to use the new platform to sell their collateral. But conceived in the 1940s, Article 9 was not drafted with the Internet in mind. The secured creditor will face many novel issues, including whether the defining characteristics distinguishing a real-world public sale from a private sale remain coherent and applicable in cyberspace; whether an online …