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LSDefine

Simple English definitions for legal terms

commercially reasonable

Read a random definition: ingenuitas

A quick definition of commercially reasonable:

Commercially reasonable means that when someone sells something, they do it in a fair and honest way that follows the usual way of doing business. For example, if a bank takes something you own because you didn't pay back a loan, they have to sell it in a way that is fair and follows the rules. If they don't, you might not have to pay them back all the money you owe.

A more thorough explanation:

Definition: Commercially reasonable, adj. (Of a property sale) conducted in good faith and in accordance with commonly accepted commercial practice. Under the UCC, a sale of collateral by a secured party must be done in a commercially reasonable manner, or the obligor's liability for any deficiency may be reduced or eliminated. UCC §§ 9-610(b), 9-626.

Examples:

  • When a company sells its old office furniture, it must do so in a commercially reasonable manner. This means that the company must follow commonly accepted commercial practices, such as advertising the sale and setting a fair price.
  • If a bank repossesses a car from a borrower who has defaulted on their loan, the bank must sell the car in a commercially reasonable manner. This means that the bank must follow commonly accepted commercial practices, such as advertising the sale and setting a fair price. If the bank does not sell the car in a commercially reasonable manner, the borrower may not be liable for any deficiency if the sale does not cover the full amount owed on the loan.

The examples illustrate that when selling property, it is important to follow commonly accepted commercial practices to ensure that the sale is conducted in good faith and is fair to all parties involved. This helps to protect the seller from liability and ensures that the buyer is getting a fair deal.

commercial loan | commercially significant noninfringing use

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[] AromaticTroubledDormouse
20:55
How does one know if they are UR1 or UR2?
[] AromaticTroubledDormouse
20:56
CONGRATS MACAQUE!
TY
got a random stanford email and almost had a heart attack
ALSO CONGRATS!
Congrats1!
21:15
Miami A, yall I'm so excited I could cry.
21:15
Feel like I can finally stop holding my breath!! Whew!!!
[] baddestbunny
22:16
every time I get accosted by a strange man who follows me around because my male coworkers were too busy talking to walk me back to my car I get closer to saying we need to bring back traditional gender roles
Dkk
22:32
Nice! @Macaque
Dkk
22:32
@Aromatic, Have to guess.
Dkk
22:33
That sucks @Bunny do you have to go to the hospital?
[] baddestbunny
22:40
I said accosted not assaulted
23:35
guys. my notre dame address just went long is this good or bad
1a2b3c4d26z
23:37
Oooooo me too
23:37
omg is this good or bad
Dkk
23:47
Idk if gender roles are gunna fix that then.
23:49
it looks like most people who applied in october last cycle didn't get a decision until january... does it even mean anything that our addresses went long??
hows ED 2 compared to ED 1?
Dkk
0:10
No idea
windyMagician
0:34
reporting live to say my ndls address also went long
does it mean anything ^
Dkk
2:21
NDLS and Fordham took a very long time last year. It's good info for people to know.
[] baddestbunny
4:29
let’s get after it boys and girls
Dkk
5:21
I gtg to bed soon.
Dkk
5:22
Big day today. Gunna be a crazy one. I will sleep through the first half.
good morning lsd it is 5 am EST
also jazzy my ndls address went long ages ago i sadly do not think it means anything
my stanford address also went long LOL i think at most it's an indicator it's under review
WorthlessAttractiveZombie
7:44
My berkeley paragraph finally disappeared. I definitely think it is just an indicator that they are actively reviewing files, and does not mean anything about A, WL, or Rs
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