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Searching For Commercial Reasonableness Under The Revised Article 9, Michael Korybut
Searching For Commercial Reasonableness Under The Revised Article 9, Michael Korybut
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Under U.C.C. Article 9, a secured party selling repossessed collateral must conduct a commercially reasonable sale. Under the old Article 9, courts and commentators debated the question of whether the foreclosure sale process and its procedural regularity should measure the sale's commercial reasonableness or whether instead the main focus of inquiry should be the reasonableness of the proceeds produced by the sale. This question spawned conflicting and non-uniform judicial approaches, most simply described as the "procedures test" versus "proceeds test."
In 2001 Article 9 was revised. The revisions included changes that addressed, but did not explicitly resolve, the question of …
Searching For Commercial Reasonableness Under The Revised Article 9, Michael Korybut
Searching For Commercial Reasonableness Under The Revised Article 9, Michael Korybut
All Faculty Scholarship
Under U.C.C. Article 9, a secured party selling repossessed collateral must conduct a commercially reasonable sale. Under the old Article 9, courts and commentators debated the question of whether the foreclosure sale process and its procedural regularity should measure the sale's commercial reasonableness or whether instead the main focus of inquiry should be the reasonableness of the proceeds produced by the sale. This question spawned conflicting and non-uniform judicial approaches, most simply described as the "procedures test" versus "proceeds test."
In 2001 Article 9 was revised. The revisions included changes that addressed, but did not explicitly resolve, the question of …