As per the UCC florida Acceptance of collateral as discharge of obligation In any other case involving consumer goods or any other collateral, a secured party in possession may, after default, propose to retain the collateral in satisfaction of the obligation Then why do OC's and CA's still report on my CR as repos. From what I have read they CAN report deficiency however Unless collateral is perishable, reasonable notice of the time and place of any public sale or reasonable notification of the time after which any private sale or other intended disposition is to be made shall be sent by the secured party to the debtor. In non-consumer cases notification must be sent to any other secured party from whom the secured party has received (before sending his notification to the debtor or before the debtor's renunciation of his rights) written notice of a claim of an interest in the collateral. See Florida Statutes section 679.504 How many of us have gotten that? Question to the experts..Are there penalties associated with noncompliance? If so where can we find links to such...How would you approach the letter to the CA in this case, what would it say etc..
