0
The lender owns the vehicle and is required to sell it at a public auction for as close to the market value as is possible. It is likely the judgment wage garnishment is a result of money still owed on the original loan amount plus fees that were not covered in the sale of the vehicle.
Add your answer:
Earn +20 pts
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.
When an owner contributes equipment to the business he or she retains ownership of the property?
false
System that glorifies the state and a single party condemns democracy and retains private ownership?
fascism
Is layaway a form of credit?
No, it is not, as the store retains ownership and possession of the item until it is completely paid for.
Can a cosigner who is on the title of a leased car be sued for not paying any payments on the car when the primary leasee is paying off the loan?
First of all it would not be possible to be on the title of a leased vehicle, as the leasor retains ownership rights. A cosigner is only responsible for the debt if the primary borrower defaults on the lending agreement.
When was the Falklands given away by the UK?
The UK has never given away the Falkland Islands. It retains ownership and control and supports a military garrison there
A home mortgage is considered a secured loan because it is backed by?
Ownership of the home. Until the mortgage is paid, the lender retains a financial interest in the home.
Where in the UK do swans belong to everyone?
Queen Elizabeth retains the right to ownership to all unmarked Mute swans in open water. But since the 15th Century, ownership has been shared with the Worshipful Company of Vintners and the Worshipful Company of Dyers
Is it illegal to copy a bank debit card?
Yes, even if the card is issued in your name. This is because the cards issuer (the bank) retains all rights and ownership to card and the information it contains.
Is Nevada a title theory state or a lien theory state?
Nevada is a lien theory state. In "title theory" states, actual "legal title" to the property temporarily passes to a trustee to secure the debt. The borrower (grantor), retains possession rights and "equitable title" and has full use of the property for the mortgage term. When the loan is paid off, legal title is restored without the necessity of a reconveyance. In "lien theory" states, the lender (mortgagee) places a "lien" on the mortgaged real property while the borrower retains both "equitable" and "legal" title.
What is the smallest particle of an element that retains that retains the properties of another element?
it is the quarks
Who owns contents of a car upon repossession?
The owner of the articles in the car retains possession. While a car may be repossessed with articles inside, they must be released to their owner upon request. If they're not, the company can be liable for theft and a police report may be filed.
