recognized market

noun

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

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

Learn More About recognized market

Dictionary Entries Near recognized market

recognize

recognized market

recognizor

See More Nearby Entries 

Cite this Entry

“Recognized market.” Merriam-Webster.com Legal Dictionary, Merriam-Webster, https://www.merriam-webster.com/legal/recognized%20market. Accessed 7 Dec. 2021.

Style: MLA
MLACheck Mark Icon ChicagoCheck Mark Icon APACheck Mark Icon Merriam-WebsterCheck Mark Icon

WORD OF THE DAY

Test Your Vocabulary

Farm Idioms Quiz

  • cow coming home
  • What does 'poke' refer to in the expression 'pig in a poke'?
True or False

Test your knowledge - and maybe learn something along the way.

TAKE THE QUIZ
Love words? Need even more definitions?

Subscribe to America's largest dictionary and get thousands more definitions and advanced search—ad free!