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recognized market n: 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.
Source: Merriam-Webster's Dictionary of Law ©1996. Merriam-Webster, Incorporated. Published under license with Merriam-Webster, Incorporated.