 Found CT UCC code reagrding 60% rule
Okay Trish, I found the CT UCC rule after my brain nearly turned to mush. Here is the section mentioning the 60% rule:
(e) A secured party that has taken possession of collateral shall dispose of the collateral
pursuant to section 107 of this act within the time specified in subsection (f) if:
(1) Sixty per cent of the cash price has been paid in the case of a purchase-money security
interest in consumer goods; or
(2) Sixty per cent of the principal amount of the obligation secured has been paid in the case of a
non-purchase-money security interest in consumer goods.
(f) To comply with subsection (e), the secured party shall dispose of the collateral:
(1) Within ninety days after taking possession; or
(2) Within any longer period to which the debtor and all secondary obligors have agreed in an
agreement to that effect entered into and authenticated after default.
Now I need to interpret what all this means.
Mysty
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