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Who retains ownership of a vehicle that was repossessed when the borrower has his wages garnished for money still owed?
Wiki User
∙ 17y ago
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.
Wiki User
∙ 17y ago
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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.
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.
What is difference between mortgage and hypothecation?
Hypothecation is to pledge personal property, or a ship, as security for a debt without transferring possession or title.A mortgage is a loan secured by real property. A person who grants a mortgage either transfers title to the lender or permits a voluntary lien on the property. Hypothecation Last modified on 24 May 2012 at 18:11A Hypothecation is a charge, which is resorted to by the borrower, where transfer of possession of property from the borrower to the banker or creditor is either impracticable or inconveinient. In other words, the borrower retains the ownership of the security or collateral pledged to the banker. Possession remains witht the borrower, but the ownership of the property remains with the banker till the loan is closed in full.For example, when a borrower takes a bank loan to purchase a laptop or colour TV, an equitable charge, known as hypothecation, is created in favour of the banker. Here, though the possession of the laptop and the TV will be with the borrower, the ownership remains with the banker till the entire loan is closed. In other words, it is "hypothetically" controlled by the banker or creditor who has the right to seize possession of the goods secured to him when the borrower defaults in making payment of the loan.A mortgage is the transfer of interest in a specific immovable property by one person to another for the purpose of securing a loan or advance of money. The person who transfers the interest in a specific immovable property is known as the mortgagor and the person to whom it is transferred is called the mortgagee. The instrument or the note through which the mortgage is effected is called mortgage deed.The main point to be noted is that, in a mortgage, the mortgaged property is not transferred to the mortgagee. It usually remains with the borrower or mortgagor. Only interest in the mortgaged property is transferred from the mortgagor (borrower) to the mortgagee (the banker).On repayment of the loan, the interest in the property is re-transferred to the mortgagor (borrower). However, when the borrower fails to repay the loan dues, the mortgagee (banker) gets the right to sell the property and recover his loan dues from the sale proceeds of the property.The differences between a hypothecation and a mortgage is as follows:1. A Hypothecation refers to a movable property, whereas a mortgage generally refers to an immovable property.2. A hypothecation can be created without executing a document. But for creating a mortgage, documents have to be executed.3. In a hypothecation legal interest is not transferred to the creditor (banker) whereas, in a mortgage, legal interest in the mortgaged property is transferred to the creditor (banker).M.J. SUBRAMANYAM, XCHANGING, BANGALORE
Who developed the installment plan?
A system for purchasing merchandise, such as cars or furniture, in which the buyer takes possession of the merchandise on payment of a deposit and completes the purchase by paying a series of regular instalments while the seller retains ownership until the final installment is paid. Also called hire-purchase.
What is one advantage of obtaining a business loan from a bank rather than from a venture capitalist?
A. The bank loan ensures that the business will be successful. B. The bank loan can be borrowed for a longer period of time. C. The business that receives a bank loan retains full ownership of its company. D. The bank loan can be obtained without paperwork.
When an owner contributes equipment to the business he or she retains ownership of the property?
false
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.
System that glorifies the state and a single party condemns democracy and retains private ownership?
fascism
What is hypothecate?
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.
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.
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, it is illegal to copy a bank debit card without authorization. Unauthorized duplication of a debit card can lead to identity theft, fraud, and financial losses for the cardholder. It is important to protect personal information and only use debit cards in a legal and responsible manner.
What is difference between mortgage and hypothecation?
Hypothecation is to pledge personal property, or a ship, as security for a debt without transferring possession or title.A mortgage is a loan secured by real property. A person who grants a mortgage either transfers title to the lender or permits a voluntary lien on the property. Hypothecation Last modified on 24 May 2012 at 18:11A Hypothecation is a charge, which is resorted to by the borrower, where transfer of possession of property from the borrower to the banker or creditor is either impracticable or inconveinient. In other words, the borrower retains the ownership of the security or collateral pledged to the banker. Possession remains witht the borrower, but the ownership of the property remains with the banker till the loan is closed in full.For example, when a borrower takes a bank loan to purchase a laptop or colour TV, an equitable charge, known as hypothecation, is created in favour of the banker. Here, though the possession of the laptop and the TV will be with the borrower, the ownership remains with the banker till the entire loan is closed. In other words, it is "hypothetically" controlled by the banker or creditor who has the right to seize possession of the goods secured to him when the borrower defaults in making payment of the loan.A mortgage is the transfer of interest in a specific immovable property by one person to another for the purpose of securing a loan or advance of money. The person who transfers the interest in a specific immovable property is known as the mortgagor and the person to whom it is transferred is called the mortgagee. The instrument or the note through which the mortgage is effected is called mortgage deed.The main point to be noted is that, in a mortgage, the mortgaged property is not transferred to the mortgagee. It usually remains with the borrower or mortgagor. Only interest in the mortgaged property is transferred from the mortgagor (borrower) to the mortgagee (the banker).On repayment of the loan, the interest in the property is re-transferred to the mortgagor (borrower). However, when the borrower fails to repay the loan dues, the mortgagee (banker) gets the right to sell the property and recover his loan dues from the sale proceeds of the property.The differences between a hypothecation and a mortgage is as follows:1. A Hypothecation refers to a movable property, whereas a mortgage generally refers to an immovable property.2. A hypothecation can be created without executing a document. But for creating a mortgage, documents have to be executed.3. In a hypothecation legal interest is not transferred to the creditor (banker) whereas, in a mortgage, legal interest in the mortgaged property is transferred to the creditor (banker).M.J. SUBRAMANYAM, XCHANGING, BANGALORE
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.
When did Britain acquire the Falklands?
The UK has never given away the Falkland Islands. It retains ownership and control and supports a military garrison there
Difference between pari passu and hypothecation?
"Pari passu" means equal treatment for all parties involved, typically in the repayment of debts or distribution of assets. "Hypothecation" is when an asset is pledged as collateral for a loan without transferring ownership, allowing the borrower to access funds while the lender retains a security interest in the asset.
