DEFICIENCY JUDGMENT

Question 1

Deficiency Judgment: Non-Consumer Goods

Answer 1

If sale proceeds don’t satisfy debt, SP may recover remaining debt from D, any surplus must be paid to D

Question 2

Deficiency Judgment: Consumer Goods

Answer 2

SP must send written notice to D explaining how deficiency/surplus calculated or SP liable for any loss plus $500

Question 3

Deficiency Judgment: Debtor’s Remedies

Answer 3

For violation of rules re default may bar deficient judgment