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Can you summarize Chapter 5 ?
Secured Transactions; Sales of Accounts and Chattel Paper > Default
Short Summary
This legal document, found in the Guam Code Annotated under the Uniform Commercial Code, specifically in the section on Secured Transactions; Sales of Accounts and Chattel Paper; Default, governs the rights and remedies of secured parties and debtors in the context of secured transactions. It outlines the procedures to be followed in case of default by the debtor, including the rights of the secured party to reduce their claim to judgment, foreclose, or enforce the security interest through available judicial procedures. The document also covers the rights and remedies of the debtor, as well as certain rules that cannot be waived or varied. It provides guidelines for accounting for surplus proceeds of collateral, disposition of collateral, acceptance of collateral as discharge of obligation, redemption of collateral, and secured party’s liability. The document also addresses the rights and obligations of the parties in relation to real and personal property, as well as the procedures and rights involved in the disposition of collateral after default in secured transactions. No specific exemptions or penalties are mentioned in this document.
Whom does it apply to?
The legal document applies to secured parties, debtors, and other parties involved in secured transactions, sales of accounts, and chattel paper.
What does it govern?
The legal document governs the rights and remedies of secured parties and debtors in the context of secured transactions, sales of accounts, and chattel paper. It outlines the procedures to be followed in case of default by the debtor, including the rights of the secured party to reduce their claim to judgment, foreclose, or enforce the security interest through available judicial procedures. The document also covers the rights and remedies of the debtor, as well as certain rules that cannot be waived or varied.
What are exemptions?
The document does not mention any specific exemptions.
What are the Penalties?
The document does not specify any penalties for non-compliance or violation of its provisions.
Jurisdiction
Guam