No lender likes to do repossessions, but it may be the only way to collect on a loan. Making a mistake in the repossession process can result in losing the right to pursue the debtor for a deficiency and cause substantial damage to your institution. This webinar will explain all aspects of the repossession process regarding non-real estate collateral, starting with the decision to repossess and ending with the disposition of the collateral at a private or public sale. Learn the steps to properly repossess and dispose of collateral under UCC Article 9.
- What requirements does UCC Article 9 impose on the lender?
- When is it legally permissible to conduct self-help repossession?
- Can the lender choose between a private or public sale?
- What must the notice of sale contain?
- What is required for a commercially reasonable sale?
- What if the debtor files bankruptcy?
- UCC Article 9 repossession checklist to ensure you don’t forget a step in the repossession process
- UCC notice of sale form
- Employee training log
- Quiz to measure staff learning and a separate answer key
WHO SHOULD ATTEND?
This informative session is designed for all lending and collection personnel, including loan officers, loan operations staff, credit administration staff, managers, collectors, compliance officers, and attorneys.
ABOUT THE PRESENTER – Elizabeth Fast, JD, CPA, Spencer Fane LLP
Elizabeth Fast is a partner with Spencer Fane LLP where she specializes in the representation of financial institutions. Elizabeth is the head of the firm’s training division. She received her law degree from the University of Kansas and her undergraduate degree from Pittsburg State University. In addition, she has a Master of Business Administration degree and she is a Certified Public Accountant. Before joining Spencer Fane, she was General Counsel, Senior Vice President, and Corporate Secretary of a $9 billion bank with more than 130 branches, where she managed all legal, regulatory, and compliance functions. She is a member of the Missouri State Banking Board by appointment of the Governor.
Originally recorded on May 21, 2019.
Recorded webinar is available until December 31, 2019.
Free Digital Copy included with purchase to download and view beyond link expiration date.
Price includes sales tax.