[jsteinberger]

Following question is from Wiley (with the correct answer below it)

Pine has a security interest in certain goods purchased by Byron on an installment contract. Byron has defaulted on the payments, resulting in Pine’s taking possession of the collateral. Which of the following is correct?

• The collateral may be sold by Pine at a private sale and, if the collateral is consumer goods, without notice to other secured parties.

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My question is….I thought they HAD to give notice to other secured parties. My CPA Excel in the video “requirements: notice to other secured parties.”

Thoughts? Help?!

Thank you in advance.

[Anonymous]

once a secured creditor sells the collateral, he must notice the debtor in writing ALWAYS. (i personally think that since a creditor is selling the debtor's “stuff”, a notice seems reasonable)

regarding consumer goods, he must also notice the other creditor. (i personally think for consumer goods, some creditors may have PMSI automatical perfection, so notice is required)

[Author]

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