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.
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Related Questions
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 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
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.
Smallest particle of a compound that still retains its properties?
A molecule is the smallest particle of a compound that still retains its properties. An atom is the smallest particle of an element that still retains its properties.
What small particle of substance retains the characteristics of the substance?
If it is an element, then the smallest particle that retains the characteristics of the element is an atom. If it is a diatomic element, then the smallest particle that retains the characteristics of the element is a molecule. If it is a molecular compound, then the smallest particle that retains the characteristics of the compound is a molecule. If it is an ionic compound, the smallest particle that retains characteristics of the compound is a formula unit.
Who gets the vehicle after ending a domestic partnership?
The person whose name the vehicle is registered in retains ownership of the vehicle, unless there is an agreement or court order to the contrary and one partner transfers the registration to the other. If the vehicle is registered to both partners, then they retain joint ownership until such time as the vehicle is sold or transferred. Sale or transfer may be a requirement of an agreement or court order.
What is the smallest part of an element that still retains of that element?
The smallest part of an element that still retains its properties is an atom.
Is eminent an adjective?
Yes, it is (eminent scientist, eminent domain). The word eminent means famous, well known, successful. Eminent domainretains the original meaning of "superior" by giving local governments power over private ownership of land.
What is the simplest particle of water that retains the properties of water?
A molecule of H2O is the simplest particle of water that retains the properties of water.
What is the smallest particle of matter that still retains properties of an element?
The smallest unit of Matter that retains the property of an element is the atom.
What is the smallest subdivision of a compound that still retains the properties of that compound?
The smallest subdivision that retains all of the properties of a molecular compound is a molecule, and the smallest subdivision that retains all of the properties of a ionic compound is a formula unit.
What does a wetsuit do?
it retains your body heat
Is methylprednisolone a diuretic?
no it retains water
When soil retains water it is?
mud
What is the smallest part of matter that retains the chemical properties of an element?
The smallest part of matter that retains the chemical properties of an element is the atom.
