0
Is it legal for a debtor to assign the debt to a willing 3rd party?
Wiki User
∙ 15y ago
Yes. There's usually provision for it in most jurisdictions' property law statutes.
Wiki User
∙ 15y ago
Add your answer:
Earn +20 pts
Is it legal for debtor to assign debt to a willing third party?
It is not legal for a debtor to assign debt to a willing third party unless the creditor is involved. The creditor must approve the transaction. For example, the sale of an automobile with the statement agreeing that the buyer takes over payments is valid if the creditor agrees.
What allows creditor to reach property of a debtor that is in a third party's hand?
allows a creditor to reach property of a debtor that is in a third party's hands
If in a secured transaction the original debtor transfers debt to new debtor does the secured party retain PMSI?
Yes.
Can you use pence in Iowa?
Pence is not legal tender in Iowa, or anywhere else in the US. You can use it, but only if the other party in the transaction is willing to accept it. In Iowa you are unlikely to find anyone willing to do that.
How do you get your name off of a car loan that you have cosigned?
One way is to have the other party apply for credit in his/her name and payoff the loan for which you co-signed. By doing this your obligation as a debtor has been fulfilled. If the other party is unable to obtain credit alone and they are willing to do so, the lender may be willing to substitute you as the co-signer for a person of equal or greater credit worthiness.
What is the party called responsible for payment an obligation?
The debtor is the party responsible for payment obligation on an account.
How do you handle a third party collector who calls saying they are going to take legal action if you do not agree to their terms?
That's entirely up to the party involved. If the collector does not reach a satisfactory agreement with the debtor,the account might be referred to a collection's attorney. The attorney can file a lawsuit in a court in the state where the debtor resides. There are also collection attorney firms who are licensed to participate in federal arbitration action involving creditor/debtor affairs. (Macky...macky83@juno.com)
A party who agrees to be secondarily liable to a principal debtor is known as a?
Surety.
My employeer sold her company to another company while I have garnishment. Does the employeer have to notify the debtor or do I have to what happens if neither party notify debtor?
RODHOOK
What should you do if you have two different credit card companies with collectors calling you night and day threatening to pursue legal actions?
One option is to send the creditors/collection agencies a cease-and-desist letter. It should be sent by certified mail. After it is received, the collector must stop contacting the requesting party. This action does not pertain to the original creditor--only collection agencies. OCs do not have to follow the FDCPA. The party involved also has the option of having an attorney remit letters to creditors explaining the debtor's situation. Once a creditor or collector has been notified that legal counsel has been obtained, they can only contact the debtor with the debtor's permission. This option does apply to both original creditors and third-party collection agencies.
How can your parents who live in New Jersey place a lien on your ex-husband's home in North Carolina or is there another option for recovering the 6500.00 debt?
The party owed the debt would need to file a lawsuit against the debtor in the state court in the county where the debtor resides. Other then a voluntary payment of a debt such as the one described there is no other way to recover monies owed except through the legal procedure as prescribed by the state in which the debtor resides.
Does the lender by law have to notify a co-signer that the buyer is behind on payments in New York state?
Does the co-sugnor meet these requirements??? http://assembly.state.ny.us/leg/?cl=122&a=72 Section 9--605. Unknown Debtor or Secondary Obligor. A secured party does not owe a duty based on its status as secured party: (a) to a person that is a debtor or obligor, unless the secured party knows: (1) that the person is a debtor or obligor; (2) the identity of the person; and (3) how to communicate with the person; or (b) to a secured party or lienholder that has filed a financing statement against a person, unless the secured party knows: (1) that the person is a debtor; and (2) the identity of the person.
