The Duty of Care of a Secured Party in Possession Sample Clauses

The Duty of Care of a Secured Party in Possession. A secured creditor in possession of collateral must use reasonable care in the custody and preservation of the collateral it holds. See, UCC §9-207(a). Reasonable expenses for things like insurance and taxes for the collateral are chargeable to the debtor. See, UCC §9-207(b)(1). In the instance of a casualty to the collateral, the debtor is responsible for any deficiency after payment of the insurance proceeds. See, UCC §9-207(b)(2). The secured creditor 42 UNCITRAL Guide, Addendum 6 at ¶¶1,5,8-15, 28, 34, 37, 42, 43. The Guide uses the term, “Filing System” instead of the term “Registry” to refer to the centralized system recommended for use by countries that does not take the place of a formalized registry where real property rights are recorded and derive their substantive value. must keep the collateral identifiable unless the collateral is fungible, then it may be commingled. See, UCC §9-207(b)(3). Finally, a secured creditor may not use the collateral except for the purpose of its preservation, as permitted by the court and, in the case of consumer goods, in the manner agreed to by the debtor. See, UCC §9-207(b)(4). If the collateral is chattel paper and instruments, reasonable care means that the secured party will take all necessary steps to preserve its rights against prior parties. See, UCC §9-207(a). If the secured creditor has possession or control of a Deposit Account, Electronic Chattel Paper, Investment Property or a Letter-of- Credit Right, then it has additional duties and rights. It may hold proceeds as additional security, except for money or funds received from the collateral which it must apply to the outstanding obligation unless remitted to the debtor. The secured creditor may create a security interest in the collateral by re-pledging the collateral. See, UCC §9-207(c). Where there are no further amounts owing to the secured creditor and the secured creditor is no longer obligated to make any further advances, a secured creditor still has additional duties in certain situations. See, UCC §9-208. If the secured creditor has control over a Deposit Account, the account must be released either by the secured party informing the bank holding the deposit to release it, or the bank may release the deposit itself. If the secured party is responsible for releasing the account, it must pay the balance of the account to the debtor or deposit the funds into the debtor’s account. If the secured creditor has control of Electronic Chattel Paper, i...
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