PLEASE TAKE NOTICE that on April 30, 2021, at 2:00 p.m. (Mountain Standard Time), a public sale (hereinafter the “Public Sale”) shall be conducted of the assets and equipment (hereinafter “Collateral”) of SA Ferrous Industries, LLC d/b/a Revolve Recycling (hereinafter “Debtor”). The Public Sale is being conducted pursuant to Utah Code Section 70A-9a-610 et seq. The Collateral is primarily comprised of industrial recycling equipment previously utilized by Debtor.
The Public Sale will be conducted at 150 North 1900 West, Logan, Utah 84321 and remotely by video conference.
A detailed schedule of the Collateral and additional information regarding the Public Sale can be found at https://sites.google.com/view/article9sale/.
Please contact Secured Party at [email protected] for additional information regarding remote bidding, bidder registration, deposits and inspection scheduling.
PLEASE TAKE FURTHER NOTICE that the disposition and Public Sale are being held by Cache Valley Bank, its affiliates and/or nominees, (hereinafter “Secured Party”) as the secured party, to enforce its rights and remedies under, inter alia, the Commercial Security Agreements dated May 12, 2016 and June 28, 2019 and corresponding Promissory Notes. A default has occurred by Debtor under the Commercial Security Agreements and Promissory Notes.
The Collateral will be sold to the highest qualified bidder for cash, or the credit against outstanding indebtedness held by the Secured Party. Please be advised that Secured Party reserves it right to credit bid at the Public Sale without tendering deposit and to take title to the Collateral immediately after the Public Sale, or on such other date as Secured Party shall elect in its sole discretion.
All bidders must register for the Public Sale no later than April 28, 2021, by contacting Secured Party at [email protected]. Registration will require depositing $5,000 (by wire transfer, certified or cashier’s check) payable to Secured Party or another form of payment Secured Party may agree to accept in writing. All deposits (except that of highest bidder) shall be returned within three (3) business days of the conclusion of the bidding. The highest bidder’s deposit shall be non-refundable. The balance of the highest bid payable to Secured Party by bank to bank wire transfer, certified or cashier’s check shall be delivered to Secured Party no later than May 3, 2021, at 5:00 p.m. (Mountain Standard Time), which may be continued, in writing, to a later time and date in Secured Party’s sole discretion. If the highest bidder defaults upon payment of the balance, its deposit and any partial payments are forever forfeited and the Collateral, at Secured Party’s sole option and discretion, may be sold to the next highest qualified bidder.
The Public Sale may be canceled or continued from time to time, without further notice other than as given at the Public Sale date and place, at the sole and absolute discretion of Secured Party.
Winning bidders will receive an authenticated transfer statement and bill of sale from Secured Party. The Collateral shall be sold AS IS, WHERE IS, and all warranties of quality, quiet enjoyment, fitness, merchantability and all other warranties, express, implied, arising by statute, common law or otherwise are expressly excluded. Secured Party makes no representation or warranty as to (i) state or condition of title, (ii) physical, condition, (iii) existence, validity, or amount of any liens or claims senior to that of Secured Party, or (iv) value that may be produced by the Collateral.
Secured Party: Cache Valley Bank, 101 North Main Street, Logan, Utah 84321, attn. Darren Cole, Tel: (435) 753-3020 ext 4108, email: [email protected]
Counsel for Secured Party: Daines & Jenkins, LLP, attn. Micah Daines, 108 North Main Street, Logan, Utah 84321, Tel: 435-753-4000, email: [email protected]
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