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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.

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โˆ™ 2015-07-14 16:06:26
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Q: After a Writ of Replevin has been granted by the court how long does the borrower have until wages are garnished if the collateral is not recovered?
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Related Questions

Who gets garnished for student loan The borrower or the cosigner?

the borrower

What is hypothecation?

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.

Define collateral security?

Collateral security is extra security provided by a borrower to back up his/her intention to repay a loan.

What is colleteral?

Collateral is the property a borrower pledges to a lender in a loan. This property secures the lender's interest. A house is the collateral on a mortgage loan.

Can a creditor get a warrant for vehicle repossession?

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..

What is it called when property is pledged to assure repayment of a loan?

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.

What does secure loans mean?

A secured loan is a loan in which the borrower declares an asset (e.g. a car or property) as collateral for the loan, which then becomes a secured debt owed to the creditor who issues the loan. The debt is thus secured against the collateral - in the event that the borrower defaults on the loan, the creditor takes possession of the asset used as collateral and may sell it to satisfy the debt by regaining the amount originally lent to the borrower.

What are the repossession rules in Florida?

Florida allow repossession by UCC regulations, a right to cure notice or replevin order is not required and the vehicle may be recovered by a licensed agent as long as it is done without a breach of peace. The county recorder must be notified of the repossession action and the plates remain with the borrower.

What does the concept of secured debt mean in finance?

Secured debt is a debt that is guaranteed by the use of collateral. If the debt is not repaid, the creditor has the right to take the collateral from the borrower.

What are the pros and cons of collateral loans?

Collateral loans are secured loans. They depend on the ownership of a house or vehicle. Collateral loans can be very quick to obtain. If a borrower defaults on a collateral loan, the lender can take the property or vehicle that had been borrowed against.

Which states require the lienholder to give notification before repossessing a vehicle?

There are 7 states that require the lender to notify the borrower that the lender is asserting their "right to cure". Connecticut, Iowa, Kansas, Maine, Massachusetts,South Carolina and West Virginia. Wisconsin requires the lender to obtain a replevin order before the vehicle can be recovered.

Can a lienholder report a car stolen in Arizona if it can't find it in 30 days?

Yes, they can. And then they can have charges filed against the borrower, the most likely suspect in the theft. They can also file for a replevin, a court order for the borrower to surrender the vehicle, and failing to do so can result in the arrest of the borrower on charges of contempt of court.

What is Collateral?

Collateral has two meanings: 1) Secondary or associated but not the primary objective or intent. In war civilians may be killed unintentionally in combat. This is called collateral damage. 2) Something of value that is offered as assurance borrowed money will be paid back or a promised action will be carried out is called collateral. People getting a loan to buy a house put the house up as collateral so the lender can be assured he will get his money, either by payment from the borrower or by selling the house if the borrower fails to pay as agreed.

What is collateral swap?

If you are speaking of loans, collateral is the object(s) that the financing company, typically a bank, hold as security to guaranty payment. It is possible for the borrower to change the collateral with the financing company agreeing to the change. Essentially you are swapping the original collateral that secured the loan for whatever the new collateral is. No change in terms of the original note are made.

Can borrower and cosigner checks get garnished at the same time?

No, the law allows for only one garnishment action by a creditor to be in force.

Can you get a loan offering gold coins or CD as collateral in Canada?

Yes, many lenders in Canada offer loans backed by gold as collateral. The amount of the loan allowed as a percentage of the current market value of gold can vary based on the risk that a lender is willing to take. For example, if a lender allows a loan of $1,000 for gold currently worth $1,200 and the price of gold drops sharply causing the collateral to decline in value to less than the loan amount, the borrower would have an incentive to default on the loan. There are also risks involved for the borrower putting up gold as collateral. For example, the lender could go out of business and the borrower may be unable to redeem the collateral.

How is collateral connected to a loan from a bank or credit union?

Collateral - in the form of a repayment promise or property... is a 'guarantee' that the person will repay the debt. If the borrower defaults on the repayments, the creditor can recover their money from the guarantor.

Can your wages be garnished for the repossession of a vehicle in Louisiana?

If the lender decides to sue the borrower and wins a judgment, the judgment can be executed as a wage garnishment

Term describes the right of a lender to sell collateral to get back the principal if the borrower cannot repay the loan?

Lien is the term

What is the difference between a primary security and a collateral security?

Primary security is the security someone offered to a bank to cover any risk the bank faces by granting a credit facility to a borrower. However, sometimes a single security may not be sufficient to cover the risk.Example: X bank grants a credit facility of $100 to a borrower called 'B,' and the borrower offers a bare land of $60 to the bank as the security. As you can see, the is bank facing a risk of $40.To cover up the balance of the credit risk, the borrower needs to offer another security. This new security is known as a collateral security.In that case, any security other than the primary security is a collateral security.It is very common that collateral securities are used to cover more than a single credit facility risk. Collateral securities are generally used to cover the balance of the risk, which is unable to cover by primary. However, the actual value of the collateral security is much higher than that. (Example: The borrower 'B' offers a commercial property of $60 as the collateral security of above loan. Now he can apply for another loan by offering the balance of $20 of the same property.)

What happens if the loan borrower dies then the guarantor passes away shortly after?

borrower dies then it is not suitable that amount recovered from gaunter because of person taking guaranty of live person nor death

Can a lender repossess a vehicle without reaffirming the original lending agreement with the borrower?

Yes. Once the original contract is in default the lender can begin repossession proceedings under the UCC laws. In the majority of US states the lender does not need to notify the borrower or obtain a replevin order from the court.

What are the 3 Cs of lending?

# Credit - can the borrower display a history of creditworthiness # Capacity - can the borrower's current financial situation (income and expenses) support repayment of the debt according to the contract terms # Collateral - does the collateral being offered (in the case of a mortgage, this is the home itself) have enough intrinsic value to protect the lender's interests in case of borrower default

Paraphrase the word 'money lent to a friend can be recovered from an enemy'?

Money lent to a friend can be recovered from an enemy means that tensions can arise between friends when money is involved. The lender may feel that the borrower has taken advantage of them in some way and the borrower may feel that the lender expects more praise for loaning them money.

What are the terms of a collateral loan?

The terms of a collateral loan are that the borrower pledges some type of property or other asset as collateral for the loan. You can learn more about this type of loan at the Wikipedia. Once on the website, type "Secured loan" into the search field at the top of the page and press enter to bring up the information.