recognized market


: a market in which a secured party sells collateral upon a debtor's default, which does not rely on competitive bidding or haggling, and in which prices are stated publicly and presumed to be commercially reasonable

Note: Under the Uniform Commercial Code, a creditor is not required to notify a debtor of the sale of collateral in a recognized market.

Dictionary Entries Near recognized market

Cite this Entry

“Recognized market.” Legal Dictionary, Merriam-Webster, Accessed 28 May. 2023.

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