Law Dictionary

recognized market

noun

Legal Definition of recognized market

  1. :  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).

WORD OF THE DAY

a rounded knoll or a ridge of ice

Get Word of the Day daily email!