Legal Definition of 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
Additional Notes on recognized market
Under the Uniform Commercial Code, a creditor is not required to notify a debtor of the sale of collateral in a recognized market.
Seen and Heard
What made you want to look up recognized market? Please tell us where you read or heard it (including the quote, if possible).