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How long must one wait to repo a car in NC with a verbal agreement when one holds the title as first lien holder?
Wiki User
∙ 8y ago
If "one" went to the trouble to be listed as leinholder, why didnt "one" take time to write up some sort of agreement? http://www.ncleg.net/Statutes/GeneralStatutes/HTML/BySection/Chapter_25/GS_25-9-609.html § 25-9-609. Secured party's right to take possession after default. (a)Possession; rendering equipment unusable; disposition on debtor's premises. - After default, a secured party: (1) May take possession of the collateral; and (2) Without removal, may render equipment unusable and dispose of collateral on a debtor's premises under G.S. 25-9-610. (b) Judicial and nonjudicial process. - A secured party may proceed under subsection (a) of this section: (1) Pursuant to judicial process; or (2) Without judicial process, if it proceeds without breach of the peace. (c) Assembly of collateral. - If so agreed, and in any event after default, a secured party may require the debtor to assemble the collateral and make it available to the secured party at a place to be designated by the secured party which is reasonably convenient to both parties. (1961, c. 574; 1965, c. 700, s. 1; 1975, c. 862, s. 7; 2000-169, s. 1.)
Wiki User
∙ 8y ago
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What is verbal consideration?
Verbal consideration refers to a promise or agreement that is made through spoken words rather than a written document. In contract law, verbal consideration still holds legal weight as long as there is evidence to support the agreement. However, written contracts are generally preferred because they provide clearer terms and evidence of the agreement.
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