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0 tracked cards Supplemental - Not MEE July 2026

A secured party sells collateral after default and receives sale proceeds exceeding reasonable sale expenses and the secured debt. A subordinate secured party made an authenticated demand before distribution.
How should the proceeds generally be applied?

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The secured party may keep all proceeds even after the debt and reasonable expenses are paid. The debtor receives sale proceeds before reasonable repossession and sale expenses are paid. Sale proceeds are applied first to reasonable expenses of collection and enforcement, then to the secured obligation, then to subordinate interests that made proper demand, with any surplus to the debtor. The debtor is never liable for a deficiency after any Article 9 sale.

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