Recognized Market
Legal definition for Indian law research
Definition
recognized market
: a market in which a secured party sells collateral upon a debtor's default, which does not rely on competitive bidding or haggling, and in which prices are stated publicly and presumed to be commercially reasonable NOTE: Under the Uniform Commercial Code, a creditor is not required to notify a debtor of the sale of collateral in a recognized market.
Definitions are for legal research. Always verify meaning in the context of the statute, judgment, or jurisdiction cited.