recognized market
- 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
- After the debtor's default, the collateral was sold in a recognized market with publicly stated prices.
- Without requiring any haggling, the secured party sold collateral in a recognized market following the debtor's default.
- The recognized market has prices that are typically considered reasonable in a commercial context.
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