Suzzanne Uhland is a partner at O'Melveny & Myers LLP who focuses on bankruptcy and credit cases. Article 9 of the Uniform Commercial Code allows lenders to sell a borrower's collateral assets to recoup funds if they default, but the sale must be conducted in a "commercially reasonable" manner according to typical industry practices and market prices to avoid damages. This means selling assets at a fair price on a recognized market in a way that follows standard procedures for time, place, and method with approval from creditors or a bankruptcy judge.

2.  As a partner in the international law firm of
O'Melveny & Myers LLP, Suzzanne Uhland has
represented numerous financial institutions in
matters involving credit. In particular, Suzzanne
Uhland focuses primarily on bankruptcy and
bankruptcy compliance cases.
According to Article 9 of the Uniform
Commercial Code, a lender may use a
borrower's collateral to recoup funds in the
case of a borrower default. Article 9 states that
to gain the value from this collateral, the lender
must sell assets in a “commercially reasonable”
manner.

3.  Failure to comply makes a lender vulnerable to
damages or defenses from the debtor or other
interested parties.
A sale must be commercially reasonable in all
of its terms, including time, place, and method.
This means that the sale must occur in keeping
with typical practices within the relevant
industry and on a recognized market. In
addition, the price must be fair and
comparable to other sales on that market. A
lender may ensure commercial reasonability
by securing approval from a creditors
committee or bankruptcy judge.