A Writ of Replevin is a court order for the debtor to turn over the property. If the debtor doesnt do so, the debtor is in contempt of the court. What happens to people who are in contempt of a court order? They retire to more peaceful surroundings to consider their need to obey the court order.
Hypothecation is where a borrower pledges collateral to secure a debt. The borrower retains ownership of the collateral, but is hypothetcally controlled by a creditor that has the right to seize possession if the borrower defaults. A example of this is when someone enters into a mortgage agreement, which the consumer's house becomes collateral until the mortgage loan is paid off.
The creditor can obtain a replevin order from the court if it becomes necessary. Wisconsin is the only state which requires a replevin order to be in place before a vehicle can be recovered. All other states allow repossession under the UCC laws, although some do require the borrower to be notified and given a specified time to bring the account current before the vehicle can be seized..
That would be a secured loan and the property is called collateral.In the case of real estate, the borrower must sign a note and a mortgage.That would be a secured loan and the property is called collateral.In the case of real estate, the borrower must sign a note and a mortgage.That would be a secured loan and the property is called collateral.In the case of real estate, the borrower must sign a note and a mortgage.That would be a secured loan and the property is called collateral.In the case of real estate, the borrower must sign a note and a mortgage.
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