US Uniform Commercial Code Article 9 Secured Transactions 9-609-9-610-repossession-disposition: Repossess only without breach of the peace (or by judicial process), and dispose of collateral by a commercially reasonable public or private disposition, with the secured party buying only at a public disposition or where market-priced

What does 9-609-9-610-repossession-disposition require?

After default a secured party may take possession of the collateral, or render equipment unusable and dispose of it on the debtor's premises, by judicial process or, provided the peace is not breached, without it; the agreement may oblige the debtor to gather the collateral at a reasonably convenient place (section 9-609). The secured party may then dispose of it (sale, lease, licence or otherwise) as is or after commercially reasonable preparation; the disposition must be commercially reasonable in every aspect (method, manner, time, place and terms); it may be public or private; the secured party may be the buyer at a public disposition, and at a private one only for collateral customarily sold on a recognised market or quoted in widely distributed standard price lists; and the disposition transfers the debtor's rights, discharges the security interest and subordinate interests, and may be made with or without warranties (section 9-610). The transferee's rights after a non-complying disposition and the rights of secondary obligors and transfers of record title follow in sections 9-617 to 9-619.