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  • 9 minutes

Strict Foreclosure - UCC Article 9 Foreclosures

 

Quick and efficient strict foreclosures are encouraged by UCC comments.

Article 9 refers to the right of strict foreclosure as being able to retain the collateral in satisfaction of the obligation. This procedure, unlike a public or private sale, is designed to be done with consent and agreement of the parties to satisfy the obligations of the obligor. The process typically runs quickly and efficiently, with no arguments about the conduct of the sale or about deficiency judgment. This video reviews the process for satisfaction of obligation and discusses result of strict foreclosure.

Runtime: 8 minutes
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Agenda

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Faculty

Hugh McCullough

Hugh McCullough

Davis Wright Tremaine LLP

  • Partner in the Seattle office of Davis Wright Tremaine LLP
  • Advises clients in litigations and transactions involving bankruptcy, the payments industry, and secured financings; regularly helps clients with matters that never reach a courtroom, but in cases requiring litigation, he has argued and won in the Washington Supreme Court, the 9th Circuit Court of Appeals, and federal courts around the country
  • American Bankruptcy Institute; board of directors, Turnaround Management Association, Pacific Northwest chapter; board member, 2016-present; president, board of directors, 2016-2018 – Consumer Education and Training Services (CENTS); Amicus Brief Committee, Washington State Bar Association, 2014-2016
  • J.D. degree, Northwestern University School of Law
  • Can be contacted at 206-757-8189 or [email protected]
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