recognized market

Definition of "recognized market"
  1. A type of market where a secured party can sell collateral when a debtor defaults, with the key characteristics being that it doesn't require competitive bidding or haggling, and the prices are publicly stated and assumed to be reasonable in commercial terms
How to use "recognized market" in a sentence
  1. After the debtor's default, the collateral was sold in a recognized market with publicly stated prices.
  2. Without requiring any haggling, the secured party sold collateral in a recognized market following the debtor's default.
  3. The recognized market has prices that are typically considered reasonable in a commercial context.

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