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Strict Foreclosure On Agricultural Equipment Extinguishes Junior Lien Even In Absence Of Notice

LexisNexis (October 20, 2016, 9:29 AM EDT) -- A handy option to holding a foreclosure sale is to retain the collateral in satisfaction of the debt, as authorized by UCC 9-620 through 9-622.  This "strict foreclosure" approach has historical antecedents in the law of real property, particularly the deed in lieu of foreclosure.  From the secured lender's viewpoint, there are many advantages to strict foreclosure: (1) it avoids the extra costs of a foreclosure sale in situations where no deficiency claim is likely to be collected; (2) it insulates the creditor from later attack...
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