Some may wonder, what is a UCC sale? In certain instances, lenders will make loans secured by both real and personal property; other times, the loans may be secured only by personal property. When secured by both types of properties, the lender has the ability to conduct what is called a “unified” sale where the foreclosure process culminates with a single sale of both the real and personal property. This mostly occurs in complex commercial transactions. When personal property is the only collateral, however, the lender can use the provisions of the Uniform Commercial Code (UCC Sale) to sell the personal property at an auction.
Although the UCC permits both private and public sales, Total Lender Solutions can assist a lender with a public sale conducted in a commercially reasonable manner in order to protect the interests of both the lender and borrower. With our thirty plus years of experience here at TLS, we are alway available to help!! Call our office to find out more information about our services (858) 535- 3736.