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What if items where creditor holds a security interest are not in possession of the debtor?
Mmmosswa
This is commonly referred to in the industry as "Third Party Possess." Third parties have no rights in this matter. It is as if you loaned your property to someone else, they cannot alter it, or keep it--you loaned it to them. When the repo agency (when not if) locates the property, it will be taken. If the third party reacts in the common way and calls the police, they will do nothing, unless of course your friend gets out of control, then he may be accompanying the cops downtown.
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∙ 13y ago
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Why is it easier to get a secured loan?
A secured loan is one in which the debtor pledges some tangible item of value, such as a motor vehicle or real estate, as "security" for the loan - i.e., the creditor may take possession of that item if the debtor defaults on the payments. This makes the loan safer for the creditor and, therefore, easier to get.
Which of these describes the contract between the debtor and the creditor when a bond is sold?
the debtor promises to pay the creditor the borrowed money with interest at fixed intervals over a specific period of time
What is the difference between creditor and debtor?
A creditor is someone YOU OWE money to. A debtor is someone who OWES YOU money.
What is debter and crediter?
A debtor owes someone else money. A creditor is owed money from someone else. So, a debtor owes a creditor. Or, a creditor is owed by a debtor.
what's the opposite of a debtor?
Creditor is the opposite of a debtor
If a debtor defaults does the creditor have an enforceable security interest in the debtor's property?
The answer would depend entirely upon the exact wording of the loan and the security agreement, when read in context of local laws for lending and consumer protection.
Why is it easier to get a secured loan?
A secured loan is one in which the debtor pledges some tangible item of value, such as a motor vehicle or real estate, as "security" for the loan - i.e., the creditor may take possession of that item if the debtor defaults on the payments. This makes the loan safer for the creditor and, therefore, easier to get.
Which of these describes the contract between the debtor and the creditor when a bond is sold?
the debtor promises to pay the creditor the borrowed money with interest at fixed intervals over a specific period of time
What has the author Arnold B Cohen written?
Arnold B. Cohen has written: 'Guide to secured lending transactions' -- subject(s): Forms, Law and legislation, Loans, Security (Law) 'Bankruptcy, secured transactions, and other debtor-creditor matters' -- subject(s): Bankruptcy, Debtor and creditor, Security (Law) 'Debtor-creditor relations under the Bankruptcy Act of 1978' 'Teaching notes to accompany book 2 of Debtor-creditor relations under the Bankruptcy Act of 1978' -- subject(s): Cases, Debtor and creditor 'Bankruptcy, article 9, and creditors' remedies' -- subject(s): Bankruptcy, Cases, Debtor and creditor
What is real estate judgement?
A court ruling that gives a creditor the right to take possession of a debtor's real property if the debtor fails to fulfill his or her contractual obligations.
Does a stock-secured loan constitute a secured creditor in a criminal forfeiture proceeding?
It should, since specific property is contemplated as security for the loan. The burden might be on the creditor to prove in court that such a loan existed to establish his claim. Written loan agreements setting forth the security interest of the creditor in the stock should be sufficient, if signed by the debtor.
How do you double entry when your debtor has paid your creditor for you?
credit the debtor and debit the creditor
What is a Debtor and Creditor?
A debtor is someone who owes you money. A creditor is the person that lent the money.
Is a lien by a creditor placed on the debtor or the debtor's attorney?
The creditor will execute the judgment against the debtor's non exempt assets or property not the debtor's legal counsel. On the debtor.
What is debter and crediter?
A debtor owes someone else money. A creditor is owed money from someone else. So, a debtor owes a creditor. Or, a creditor is owed by a debtor.
What is the difference between creditor and debtor?
A creditor is someone YOU OWE money to. A debtor is someone who OWES YOU money.
Can they credit card companies sue you and take your Social Security Insurance?
A creditor can file a lawsuit against a debtor who has defaulted on a contract. But, all Social Security benefits are exempt under federal law from creditor garnishment. This does not mean that if the creditor sues and receives a judgment against the debtor they will not have other means of executing the judgment to recover the debt owed.
