What is a requirement for assent in Strict Foreclosure?

In the context of strict foreclosure in secured transactions, the requirement for assent is that it must be documented in writing. Strict foreclosure occurs when a secured party retains the collateral in satisfaction of the debt, and the law requires that the debtor's agreement to this process be clearly documented. This ensures that there's a clear record of consent, protecting both parties by avoiding any disputes about whether or not the debtor agreed to the terms of the foreclosure.

Documentation in writing serves as a tangible proof of the agreement, thereby enhancing certainty in the transaction. It also provides a safeguard against claims of misunderstanding or lack of consent in the future. The necessity for writing aligns with the general principles of secured transactions, emphasizing the importance of clarity and mutual agreement in the handling of collateral.