{"id":101,"date":"2014-09-17T00:42:06","date_gmt":"2014-09-17T00:42:06","guid":{"rendered":"https:\/\/courses.candelalearning.com\/buslegalenv\/?post_type=chapter&#038;p=101"},"modified":"2015-04-20T18:58:32","modified_gmt":"2015-04-20T18:58:32","slug":"11-3-rights-of-creditor-on-default-and-disposition-after-repossession","status":"publish","type":"chapter","link":"https:\/\/courses.lumenlearning.com\/clinton-buslegalenv\/chapter\/11-3-rights-of-creditor-on-default-and-disposition-after-repossession\/","title":{"raw":"Rights of Creditor on Default and Disposition after Repossession","rendered":"Rights of Creditor on Default and Disposition after Repossession"},"content":{"raw":"<div class=\"bcc-box bcc-highlight\">\r\n<h3>Learning Objectives<\/h3>\r\nBy the end of this section, you will be able to:\r\n<ul id=\"mayer_1.0-ch52_s02_l01\" class=\"im_orderedlist\">\r\n\t<li>Understand that the creditor may sue to collect the debt.<\/li>\r\n\t<li>Recognize that more commonly the creditor will realize on the collateral\u2014repossess it.<\/li>\r\n\t<li>Know how collateral may be disposed of upon repossession: by sale or by strict foreclosure.<\/li>\r\n<\/ul>\r\n<\/div>\r\n<div id=\"mayer_1.0-ch28_s03_s01\" class=\"im_section\">\r\n<h2 class=\"im_title im_editable im_block\">Rights of Creditor on Default<\/h2>\r\nUpon default, the creditor must make an election: to sue, or to repossess.\r\n<div id=\"mayer_1.0-ch28_s03_s01_s01\" class=\"im_section\">\r\n<h2 class=\"im_title im_editable im_block\">Resort to Judicial Process<\/h2>\r\nAfter a debtor\u2019s default (e.g., by missing payments on the debt), the creditor could ignore the security interest and bring suit on the underlying debt. But creditors rarely resort to this remedy because it is time-consuming and costly. Most creditors prefer to repossess the collateral and sell it or retain possession in satisfaction of the debt.\r\n\r\n<\/div>\r\n<\/div>\r\n<div id=\"mayer_1.0-ch28_s03_s01_s02\" class=\"im_section\">\r\n<h2 class=\"im_title im_editable im_block\">Repossession<\/h2>\r\nSection 9-609 of the Uniform Commercial Code (UCC) permits the secured party to take possession of the collateral on default (unless the agreement specifies otherwise):\r\n\r\n&nbsp;\r\n\r\n(a) After default, a secured party may (1) take possession of the collateral; and (2) without removal, may render equipment unusable and dispose of collateral on a debtor\u2019s premises.\r\n\r\n(b) A secured party may proceed under subsection (a): (1) pursuant to judicial process; or (2) without judicial process, if it proceeds without breach of the peace.\r\n\r\n&nbsp;\r\n\r\nThis language has given rise to the flourishing business of professional \u201crepo men\u201d (and women). \u201cRepo\u201d companies are firms that specialize in repossession collateral. They have trained car-lock pickers, in-house locksmiths, experienced repossession teams, damage-free towing equipment, and the capacity to deliver repossessed collateral to the client\u2019s desired destination. Some firms advertise that they have 360-degree video cameras that record every aspect of the repossession. They have \u201cskip chasers\u201d\u2014people whose business it is to track down those who skip out on their obligations, and they are trained not to breach the peace.<span id=\"mayer_1.0-fn28_057\" class=\"im_footnote\">Here is an example of sophisticated online advertising for a repossession firm: SSR, \u201cSouthern &amp; Central Coast California Repossession Services,\u201d <a class=\"im_link\" href=\"http:\/\/www.simonsrecovery.com\/index.htm\" target=\"_blank\">http:\/\/www.simonsrecovery.com\/index.htm<\/a>.<\/span> See <em class=\"im_emphasis\">Pantoja-Cahue v. Ford Motor Credit Co.<\/em>, a case discussing repossession, in Section 11.5 \"Cases\".\r\n\r\nThe reference in Section 9-609(a)(2) to \u201crender equipment unusable and dispose of collateral on a debtor\u2019s premises\u201d gets to situations involving \u201cheavy equipment [when] the physical removal from the debtor\u2019s plant and the storage of collateral pending disposition may be impractical or unduly expensive.\u2026Of course\u2026all aspects of the disposition must be commercially reasonable.\u201d<span id=\"mayer_1.0-fn28_058\" class=\"im_footnote\">Uniform Commercial Code, Section 9-609(a)(2), Official Comment 6.<\/span> Rendering the equipment unusable would mean disassembling some critical part of the machine\u2014letting it sit there until an auction is set up on the premises.\r\n\r\nThe creditor\u2019s agents\u2014the repo people\u2014charge for their service, of course, and if possible the cost of repossession comes out of the collateral when it\u2019s sold. A debtor would be better off voluntarily delivering the collateral according to the creditor\u2019s instructions, but if that doesn\u2019t happen, \u201cself-help\u201d\u2014repossession\u2014is allowed because, of course, the debtor said it would be allowed in the security agreement, so long as the repossession can be accomplished without breach of peace. \u201cBreach of peace\u201d is language that can cover a wide variety of situations over which courts do not always agree. For example, some courts interpret a creditor\u2019s taking of the collateral despite the debtor\u2019s clear oral protest as a breach of the peace; other courts do not.\r\n\r\n<\/div>\r\n<div id=\"mayer_1.0-ch28_s03_s02\" class=\"im_section\">\r\n<h2 class=\"im_title im_editable im_block\">Disposition after Repossession<\/h2>\r\nAfter repossession, the creditor has two options: sell the collateral or accept it in satisfaction of the debt (see Figure 11.5 \"Disposition after Repossession\").\r\n<div id=\"mayer_1.0-ch28_s03_s02_f01\" class=\"im_figure im_large im_editable im_block\">\r\n\r\n<span class=\"im_title-prefix\">Figure 11.5<\/span> Disposition after Repossession\r\n\r\n<a href=\"https:\/\/textimgs.s3.amazonaws.com\/buslegalenv\/section_14\/d53a6ea434c63a70f1fd58952ec1405b.jpg\" target=\"_blank\"><img src=\"https:\/\/textimgs.s3.amazonaws.com\/buslegalenv\/images\/sm_d53a6ea434c63a70f1fd58952ec1405b.jpg#fixme\" alt=\"\" \/><\/a>\r\n\r\n<\/div>\r\n<div id=\"mayer_1.0-ch28_s03_s02_s01\" class=\"im_section\">\r\n<h2 class=\"im_title im_editable im_block\">Sale<\/h2>\r\nSale is the usual method of recovering the debt. Section 9-610 of the UCC permits the secured creditor to \u201csell, lease, license, or otherwise dispose of any or all of the collateral in its present condition or following any commercially reasonable preparation or processing.\u201d The collateral may be sold as a whole or in parcels, at one time or at different times. Two requirements limit the creditor\u2019s power to resell: (1) it must send notice to the debtor and secondary obligor, and (unless consumer goods are sold) to other secured parties; and (2) all aspects of the sale must be \u201ccommercially reasonable.\u201d<span id=\"mayer_1.0-fn28_059\" class=\"im_footnote\">Uniform Commercial Code, Section 9-611; Uniform Commercial Code, Section 9-610.<\/span> Most frequently the collateral is auctioned off.\r\n\r\nSection 9-615 of the UCC describes how the proceeds are applied: first, to the costs of the repossession, including reasonable attorney\u2019s fees and legal expenses as provided for in the security agreement (and it will provide for that!); second, to the satisfaction of the obligation owed; and third, to junior creditors. This again emphasizes the importance of promptly perfecting the security interest: failure to do so frequently subordinates the tardy creditor\u2019s interest to junior status. If there is money left over from disposing of the collateral\u2014a surplus\u2014the debtor gets that back. If there is still money owing\u2014a deficiency\u2014the debtor is liable for that. In Section 9-616, the UCC carefully explains how the surplus or deficiency is calculated; the explanation is required in a consumer goods transaction, and it has to be sent to the debtor after the disposition.\r\n\r\n<\/div>\r\n<div id=\"mayer_1.0-ch28_s03_s02_s02\" class=\"im_section\">\r\n<h2 class=\"im_title im_editable im_block\">Strict Foreclosure<\/h2>\r\nBecause resale can be a bother (or the collateral is appreciating in value), the secured creditor may wish simply to accept the collateral in full satisfaction or partial satisfaction of the debt, as permitted in UCC Section 9-620(a). This is known as <span class=\"im_margin_term\"><span class=\"im_glossterm\">strict foreclosure<\/span><\/span>. The debtor must consent to letting the creditor take the collateral without a sale in a \u201crecord authenticated after default,\u201d or after default the creditor can send the debtor a proposal for the creditor to accept the collateral, and the proposal is effective if not objected to within twenty days after it\u2019s sent.\r\n\r\nThe strict foreclosure provisions contain a safety feature for consumer goods debtors. If the debtor has paid at least 60 percent of the debt, then the creditor may not use strict foreclosure\u2014unless the debtor signs a statement after default renouncing his right to bar strict foreclosure and to force a sale.<span id=\"mayer_1.0-fn28_060\" class=\"im_footnote\">Uniform Commercial Code, 9-620(e); Uniform Commercial Code, Section 9-624.<\/span> A consumer who refuses to sign such a statement thus forces the secured creditor to sell the collateral under Section 9-610. Should the creditor fail to sell the goods within ninety days after taking possession of the goods, he is liable to the debtor for the value of the goods in a conversion suit or may incur the liabilities set forth in Section 9-625, which provides for minimum damages for the consumer debtor. Recall that the UCC imposes a duty to act in good faith and in a commercially reasonable manner, and in most cases with reasonable notification.<span id=\"mayer_1.0-fn28_061\" class=\"im_footnote\">Uniform Commercial Code, Section 1-203.<\/span> See Figure 11.5 \"Disposition after Repossession\".\r\n\r\n<\/div>\r\n<div id=\"mayer_1.0-ch28_s03_s02_s03\" class=\"im_section\">\r\n<h2 class=\"im_title im_editable im_block\">Foreclosure on Intangible Collateral<\/h2>\r\nA secured party\u2019s repossession of inventory or equipment can disrupt or even close a debtor\u2019s business. However, when the collateral is intangible\u2014such as accounts receivable, general intangibles, chattel paper, or instruments\u2014collection by a secured party after the debtor\u2019s default may proceed without interrupting the business. Section 9-607 of the UCC provides that on default, the secured party is entitled to notify the third party\u2014for example, a person who owes money on an account\u2014that payment should be made to him. The secured party is accountable to the debtor for any surplus, and the debtor is liable for any deficiency unless the parties have agreed otherwise.\r\n\r\nAs always in parsing the UCC here, some of the details and nuances are necessarily omitted because of lack of space or because a more detailed analysis is beyond this book\u2019s scope.\r\n<div id=\"mayer_1.0-ch28_s03_s02_s03_n01\" class=\"im_key_takeaways im_editable im_block textbox\">\r\n<h3 class=\"im_title\">Key Takeaway<\/h3>\r\nUpon default, the creditor may bring a lawsuit against the debtor to collect a judgment. But the whole purpose of secured transactions is to avoid this costly and time-consuming litigation. The more typical situation is that the creditor repossesses the collateral and then either auctions it off (sale) or keeps it in satisfaction of the debt (strict foreclosure). In the former situation, the creditor may then proceed against the debtor for the deficiency. In consumer cases, the creditor cannot use strict foreclosure if 60 percent of the purchase price has been paid.\r\n\r\n<\/div>\r\n<div class=\"bcc-box bcc-info\">\r\n<h3>Exercises<\/h3>\r\n<section id=\"self-check-questions\">\r\n<ol>\r\n\t<li>Although a creditor could sue the debtor, get a judgment against it, and collect on the judgment, usually the creditor repossesses the collateral. Why is repossession the preferred method of realizing on the security?<\/li>\r\n\t<li>Why is repossession allowed <em class=\"im_emphasis\">so long as<\/em> it can be done without a breach of the peace?<\/li>\r\n\t<li>Under what circumstances is strict foreclosure not allowed?<\/li>\r\n<\/ol>\r\n<\/section><\/div>\r\n<div id=\"mayer_1.0-ch52_s02_s06_n02\" class=\"im_exercises im_editable im_block\"><\/div>\r\n<\/div>\r\n<\/div>","rendered":"<div class=\"bcc-box bcc-highlight\">\n<h3>Learning Objectives<\/h3>\n<p>By the end of this section, you will be able to:<\/p>\n<ul id=\"mayer_1.0-ch52_s02_l01\" class=\"im_orderedlist\">\n<li>Understand that the creditor may sue to collect the debt.<\/li>\n<li>Recognize that more commonly the creditor will realize on the collateral\u2014repossess it.<\/li>\n<li>Know how collateral may be disposed of upon repossession: by sale or by strict foreclosure.<\/li>\n<\/ul>\n<\/div>\n<div id=\"mayer_1.0-ch28_s03_s01\" class=\"im_section\">\n<h2 class=\"im_title im_editable im_block\">Rights of Creditor on Default<\/h2>\n<p>Upon default, the creditor must make an election: to sue, or to repossess.<\/p>\n<div id=\"mayer_1.0-ch28_s03_s01_s01\" class=\"im_section\">\n<h2 class=\"im_title im_editable im_block\">Resort to Judicial Process<\/h2>\n<p>After a debtor\u2019s default (e.g., by missing payments on the debt), the creditor could ignore the security interest and bring suit on the underlying debt. But creditors rarely resort to this remedy because it is time-consuming and costly. Most creditors prefer to repossess the collateral and sell it or retain possession in satisfaction of the debt.<\/p>\n<\/div>\n<\/div>\n<div id=\"mayer_1.0-ch28_s03_s01_s02\" class=\"im_section\">\n<h2 class=\"im_title im_editable im_block\">Repossession<\/h2>\n<p>Section 9-609 of the Uniform Commercial Code (UCC) permits the secured party to take possession of the collateral on default (unless the agreement specifies otherwise):<\/p>\n<p>&nbsp;<\/p>\n<p>(a) After default, a secured party may (1) take possession of the collateral; and (2) without removal, may render equipment unusable and dispose of collateral on a debtor\u2019s premises.<\/p>\n<p>(b) A secured party may proceed under subsection (a): (1) pursuant to judicial process; or (2) without judicial process, if it proceeds without breach of the peace.<\/p>\n<p>&nbsp;<\/p>\n<p>This language has given rise to the flourishing business of professional \u201crepo men\u201d (and women). \u201cRepo\u201d companies are firms that specialize in repossession collateral. They have trained car-lock pickers, in-house locksmiths, experienced repossession teams, damage-free towing equipment, and the capacity to deliver repossessed collateral to the client\u2019s desired destination. Some firms advertise that they have 360-degree video cameras that record every aspect of the repossession. They have \u201cskip chasers\u201d\u2014people whose business it is to track down those who skip out on their obligations, and they are trained not to breach the peace.<span id=\"mayer_1.0-fn28_057\" class=\"im_footnote\">Here is an example of sophisticated online advertising for a repossession firm: SSR, \u201cSouthern &amp; Central Coast California Repossession Services,\u201d <a class=\"im_link\" href=\"http:\/\/www.simonsrecovery.com\/index.htm\" target=\"_blank\">http:\/\/www.simonsrecovery.com\/index.htm<\/a>.<\/span> See <em class=\"im_emphasis\">Pantoja-Cahue v. Ford Motor Credit Co.<\/em>, a case discussing repossession, in Section 11.5 &#8220;Cases&#8221;.<\/p>\n<p>The reference in Section 9-609(a)(2) to \u201crender equipment unusable and dispose of collateral on a debtor\u2019s premises\u201d gets to situations involving \u201cheavy equipment [when] the physical removal from the debtor\u2019s plant and the storage of collateral pending disposition may be impractical or unduly expensive.\u2026Of course\u2026all aspects of the disposition must be commercially reasonable.\u201d<span id=\"mayer_1.0-fn28_058\" class=\"im_footnote\">Uniform Commercial Code, Section 9-609(a)(2), Official Comment 6.<\/span> Rendering the equipment unusable would mean disassembling some critical part of the machine\u2014letting it sit there until an auction is set up on the premises.<\/p>\n<p>The creditor\u2019s agents\u2014the repo people\u2014charge for their service, of course, and if possible the cost of repossession comes out of the collateral when it\u2019s sold. A debtor would be better off voluntarily delivering the collateral according to the creditor\u2019s instructions, but if that doesn\u2019t happen, \u201cself-help\u201d\u2014repossession\u2014is allowed because, of course, the debtor said it would be allowed in the security agreement, so long as the repossession can be accomplished without breach of peace. \u201cBreach of peace\u201d is language that can cover a wide variety of situations over which courts do not always agree. For example, some courts interpret a creditor\u2019s taking of the collateral despite the debtor\u2019s clear oral protest as a breach of the peace; other courts do not.<\/p>\n<\/div>\n<div id=\"mayer_1.0-ch28_s03_s02\" class=\"im_section\">\n<h2 class=\"im_title im_editable im_block\">Disposition after Repossession<\/h2>\n<p>After repossession, the creditor has two options: sell the collateral or accept it in satisfaction of the debt (see Figure 11.5 &#8220;Disposition after Repossession&#8221;).<\/p>\n<div id=\"mayer_1.0-ch28_s03_s02_f01\" class=\"im_figure im_large im_editable im_block\">\n<p><span class=\"im_title-prefix\">Figure 11.5<\/span> Disposition after Repossession<\/p>\n<p><a href=\"https:\/\/textimgs.s3.amazonaws.com\/buslegalenv\/section_14\/d53a6ea434c63a70f1fd58952ec1405b.jpg\" target=\"_blank\"><img decoding=\"async\" src=\"https:\/\/textimgs.s3.amazonaws.com\/buslegalenv\/images\/sm_d53a6ea434c63a70f1fd58952ec1405b.jpg#fixme\" alt=\"\" \/><\/a><\/p>\n<\/div>\n<div id=\"mayer_1.0-ch28_s03_s02_s01\" class=\"im_section\">\n<h2 class=\"im_title im_editable im_block\">Sale<\/h2>\n<p>Sale is the usual method of recovering the debt. Section 9-610 of the UCC permits the secured creditor to \u201csell, lease, license, or otherwise dispose of any or all of the collateral in its present condition or following any commercially reasonable preparation or processing.\u201d The collateral may be sold as a whole or in parcels, at one time or at different times. Two requirements limit the creditor\u2019s power to resell: (1) it must send notice to the debtor and secondary obligor, and (unless consumer goods are sold) to other secured parties; and (2) all aspects of the sale must be \u201ccommercially reasonable.\u201d<span id=\"mayer_1.0-fn28_059\" class=\"im_footnote\">Uniform Commercial Code, Section 9-611; Uniform Commercial Code, Section 9-610.<\/span> Most frequently the collateral is auctioned off.<\/p>\n<p>Section 9-615 of the UCC describes how the proceeds are applied: first, to the costs of the repossession, including reasonable attorney\u2019s fees and legal expenses as provided for in the security agreement (and it will provide for that!); second, to the satisfaction of the obligation owed; and third, to junior creditors. This again emphasizes the importance of promptly perfecting the security interest: failure to do so frequently subordinates the tardy creditor\u2019s interest to junior status. If there is money left over from disposing of the collateral\u2014a surplus\u2014the debtor gets that back. If there is still money owing\u2014a deficiency\u2014the debtor is liable for that. In Section 9-616, the UCC carefully explains how the surplus or deficiency is calculated; the explanation is required in a consumer goods transaction, and it has to be sent to the debtor after the disposition.<\/p>\n<\/div>\n<div id=\"mayer_1.0-ch28_s03_s02_s02\" class=\"im_section\">\n<h2 class=\"im_title im_editable im_block\">Strict Foreclosure<\/h2>\n<p>Because resale can be a bother (or the collateral is appreciating in value), the secured creditor may wish simply to accept the collateral in full satisfaction or partial satisfaction of the debt, as permitted in UCC Section 9-620(a). This is known as <span class=\"im_margin_term\"><span class=\"im_glossterm\">strict foreclosure<\/span><\/span>. The debtor must consent to letting the creditor take the collateral without a sale in a \u201crecord authenticated after default,\u201d or after default the creditor can send the debtor a proposal for the creditor to accept the collateral, and the proposal is effective if not objected to within twenty days after it\u2019s sent.<\/p>\n<p>The strict foreclosure provisions contain a safety feature for consumer goods debtors. If the debtor has paid at least 60 percent of the debt, then the creditor may not use strict foreclosure\u2014unless the debtor signs a statement after default renouncing his right to bar strict foreclosure and to force a sale.<span id=\"mayer_1.0-fn28_060\" class=\"im_footnote\">Uniform Commercial Code, 9-620(e); Uniform Commercial Code, Section 9-624.<\/span> A consumer who refuses to sign such a statement thus forces the secured creditor to sell the collateral under Section 9-610. Should the creditor fail to sell the goods within ninety days after taking possession of the goods, he is liable to the debtor for the value of the goods in a conversion suit or may incur the liabilities set forth in Section 9-625, which provides for minimum damages for the consumer debtor. Recall that the UCC imposes a duty to act in good faith and in a commercially reasonable manner, and in most cases with reasonable notification.<span id=\"mayer_1.0-fn28_061\" class=\"im_footnote\">Uniform Commercial Code, Section 1-203.<\/span> See Figure 11.5 &#8220;Disposition after Repossession&#8221;.<\/p>\n<\/div>\n<div id=\"mayer_1.0-ch28_s03_s02_s03\" class=\"im_section\">\n<h2 class=\"im_title im_editable im_block\">Foreclosure on Intangible Collateral<\/h2>\n<p>A secured party\u2019s repossession of inventory or equipment can disrupt or even close a debtor\u2019s business. However, when the collateral is intangible\u2014such as accounts receivable, general intangibles, chattel paper, or instruments\u2014collection by a secured party after the debtor\u2019s default may proceed without interrupting the business. Section 9-607 of the UCC provides that on default, the secured party is entitled to notify the third party\u2014for example, a person who owes money on an account\u2014that payment should be made to him. The secured party is accountable to the debtor for any surplus, and the debtor is liable for any deficiency unless the parties have agreed otherwise.<\/p>\n<p>As always in parsing the UCC here, some of the details and nuances are necessarily omitted because of lack of space or because a more detailed analysis is beyond this book\u2019s scope.<\/p>\n<div id=\"mayer_1.0-ch28_s03_s02_s03_n01\" class=\"im_key_takeaways im_editable im_block textbox\">\n<h3 class=\"im_title\">Key Takeaway<\/h3>\n<p>Upon default, the creditor may bring a lawsuit against the debtor to collect a judgment. But the whole purpose of secured transactions is to avoid this costly and time-consuming litigation. The more typical situation is that the creditor repossesses the collateral and then either auctions it off (sale) or keeps it in satisfaction of the debt (strict foreclosure). In the former situation, the creditor may then proceed against the debtor for the deficiency. In consumer cases, the creditor cannot use strict foreclosure if 60 percent of the purchase price has been paid.<\/p>\n<\/div>\n<div class=\"bcc-box bcc-info\">\n<h3>Exercises<\/h3>\n<section id=\"self-check-questions\">\n<ol>\n<li>Although a creditor could sue the debtor, get a judgment against it, and collect on the judgment, usually the creditor repossesses the collateral. Why is repossession the preferred method of realizing on the security?<\/li>\n<li>Why is repossession allowed <em class=\"im_emphasis\">so long as<\/em> it can be done without a breach of the peace?<\/li>\n<li>Under what circumstances is strict foreclosure not allowed?<\/li>\n<\/ol>\n<\/section>\n<\/div>\n<div id=\"mayer_1.0-ch52_s02_s06_n02\" class=\"im_exercises im_editable im_block\"><\/div>\n<\/div>\n<\/div>\n\n\t\t\t <section class=\"citations-section\" role=\"contentinfo\">\n\t\t\t <h3>Candela Citations<\/h3>\n\t\t\t\t\t <div>\n\t\t\t\t\t\t <div id=\"citation-list-101\">\n\t\t\t\t\t\t\t <div class=\"licensing\"><div class=\"license-attribution-dropdown-subheading\">CC licensed content, Shared previously<\/div><ul class=\"citation-list\"><li>Business and the Legal Environment. <strong>Authored by<\/strong>: Anonymous. <strong>Provided by<\/strong>: Anonymous. <strong>Located at<\/strong>: <a target=\"_blank\" href=\"http:\/\/2012books.lardbucket.org\/books\/business-and-the-legal-environment\/\">http:\/\/2012books.lardbucket.org\/books\/business-and-the-legal-environment\/<\/a>. <strong>License<\/strong>: <em><a target=\"_blank\" rel=\"license\" href=\"https:\/\/creativecommons.org\/licenses\/by-nc-sa\/4.0\/\">CC BY-NC-SA: Attribution-NonCommercial-ShareAlike<\/a><\/em><\/li><\/ul><\/div>\n\t\t\t\t\t\t <\/div>\n\t\t\t\t\t <\/div>\n\t\t\t <\/section>","protected":false},"author":5,"menu_order":76,"template":"","meta":{"_candela_citation":"[{\"type\":\"cc\",\"description\":\"Business and the Legal Environment\",\"author\":\"Anonymous\",\"organization\":\"Anonymous\",\"url\":\"http:\/\/2012books.lardbucket.org\/books\/business-and-the-legal-environment\/\",\"project\":\"\",\"license\":\"cc-by-nc-sa\",\"license_terms\":\"\"}]","CANDELA_OUTCOMES_GUID":"","pb_show_title":"on","pb_short_title":"","pb_subtitle":"","pb_authors":[],"pb_section_license":""},"chapter-type":[],"contributor":[],"license":[],"class_list":["post-101","chapter","type-chapter","status-publish","hentry"],"part":773,"_links":{"self":[{"href":"https:\/\/courses.lumenlearning.com\/clinton-buslegalenv\/wp-json\/pressbooks\/v2\/chapters\/101","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/courses.lumenlearning.com\/clinton-buslegalenv\/wp-json\/pressbooks\/v2\/chapters"}],"about":[{"href":"https:\/\/courses.lumenlearning.com\/clinton-buslegalenv\/wp-json\/wp\/v2\/types\/chapter"}],"author":[{"embeddable":true,"href":"https:\/\/courses.lumenlearning.com\/clinton-buslegalenv\/wp-json\/wp\/v2\/users\/5"}],"version-history":[{"count":4,"href":"https:\/\/courses.lumenlearning.com\/clinton-buslegalenv\/wp-json\/pressbooks\/v2\/chapters\/101\/revisions"}],"predecessor-version":[{"id":1119,"href":"https:\/\/courses.lumenlearning.com\/clinton-buslegalenv\/wp-json\/pressbooks\/v2\/chapters\/101\/revisions\/1119"}],"part":[{"href":"https:\/\/courses.lumenlearning.com\/clinton-buslegalenv\/wp-json\/pressbooks\/v2\/parts\/773"}],"metadata":[{"href":"https:\/\/courses.lumenlearning.com\/clinton-buslegalenv\/wp-json\/pressbooks\/v2\/chapters\/101\/metadata\/"}],"wp:attachment":[{"href":"https:\/\/courses.lumenlearning.com\/clinton-buslegalenv\/wp-json\/wp\/v2\/media?parent=101"}],"wp:term":[{"taxonomy":"chapter-type","embeddable":true,"href":"https:\/\/courses.lumenlearning.com\/clinton-buslegalenv\/wp-json\/pressbooks\/v2\/chapter-type?post=101"},{"taxonomy":"contributor","embeddable":true,"href":"https:\/\/courses.lumenlearning.com\/clinton-buslegalenv\/wp-json\/wp\/v2\/contributor?post=101"},{"taxonomy":"license","embeddable":true,"href":"https:\/\/courses.lumenlearning.com\/clinton-buslegalenv\/wp-json\/wp\/v2\/license?post=101"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}