default rights

Question 1

when does default occur if not in SA?

Answer 1

nonpayment

Question 2

what does default allow SP to do

Answer 2

repossession

Question 3

what cant you do if you repo?

Answer 3

breach the peace

Question 4

what is not considered breaching the peace?

Answer 4

trespass to land

anything w/o confrontation

Question 5

what is breaching the peace?

Answer 5

criminal act

breaking into home or garage

Some trickery/deceit (courts split

Question 6

what does D get if SP breaches the peace?

Answer 6

damages from conversion, tort, even punitive damages

Question 7

two types of repo

Answer 7

self help

judicial process

Question 8

SP options after repossession?

Answer 8

dispose of collateral

accept collateral

Question 9

disposing of collateral

Answer 9

commercially reasonable manner

sold in usual manner in recognized mkt at reasonable price

Question 10

SP required to give written notice to

Answer 10

D

co-signor

any other SP or lien holder

Question 11

exceptions to notice requirement for disposition

Answer 11

perishable collateral or value steeply declining

waiver in authenticated writing

Question 12

what may D do if he thinks its not commercially reasonable?

Answer 12

injunction

Question 13

when is notice required?

Answer 13

Reasonable Amy of time

at least 10 days before sale

Question 14

when can SP not keep the repossession?

Answer 14

consumer goods if D paid 60% or more of price

Question 15

when can SP keep in FULL satisfaction

Answer 15

notify D and all SPs

D must consent

Question 16

what if a party objects to keeping in full or partial satisfaction?

Answer 16

must sell

Question 17

when is partial satisfaction not allowed

Answer 17

not allowed for consumer transactions

Question 18

does D have redemption rights?

Answer 18

yes

pay debt, reasonable expenses and atty fees

Question 19

can you waive redemption rights?

Answer 19

yes in authenticated agreement

Question 20

when do redemption rights end

Answer 20

re sale

Question 21

deficiency for nonconsumer goods

Answer 21

SP may recover from D

Question 22

deficiency for consumer goods

Answer 22

SP must send notice to D explaining how it was calculated

Question 23

what if SP fucks up any of this process? does D have remedies?

Answer 23

may absolute bar deficiency judgment