recognized market

A market where the items bought and sold are numerous and similar, where competitive bidding and bartering are not prevalent, and where prices paid in sales of comparable items are publicly quoted.

• Examples of recognized markets include stock and commodities exchanges. Under the UCC, a secured creditor may, upon the debtor’s default, sell the collateral in a recognized market without notifying the debtor. Such a sale is presumed to be commercially reasonable.

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