Secured Transactions: Repossession of Collateral Podcast
The topic of this podcast is the nature of foreclosure of a security interest and, in particular, the right of a secured creditor to obtain possession of collateral after default. Like in many areas of the law a thorough understanding of secured transactions requires you to use the correct vocabulary relevant to the topic. Here we are using the rules set forth in the Uniform Commercial Code Article 9, though some of the basic concepts obtain their meaning from other law. This podcast primarily focuses on repossession of collateral arising from a security interest created under Article 9. The basic concepts associated with repossession are: replevin, self-help, receiver, breach of the peace, and trespass. At the conclusion of this podcast, you should be able to (1) identify and describe the judicial as well as the non-judicial means that secured creditors can use to take possession of collateral upon a default.; and (2) describe some of the scenarios that would involve a breach of the peace, but realize that the factual nature of the determination might prevent self-help by a secured creditor.