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.


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