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If the security for a loan cannot be located, or it has been destroyed, or it has not been maintained well or for any reason the property is not sufficient to pay off the debt, the lender can use all other legal means to collect the debt. That generally means collection agencies, court orders allowing the seizure of other property or earnings, etc. If the borrower can be found to have intentionally been involved with the loss to, or of, the security, (or interfering with it's recovery) other serious even criminal type actions can ensue. Consider that your probably not going to outsmart the system. The idea that the borrower could do something to get rid or make the security impossible to find is not new or previously something not considered (or even tried by many). The law has made sure the repercussions are to protect the lender and the entire business of lending. Clearly, if that was (or there was) a way to avoid paying back a loan (something no one really likes to do), nobody would give loans!
What else can I help you with?
Can repossession take place on private property?
Yes. If the property is found it can be retreived.
What happens to the Jews if they were found hiding during the holocaust?
They would be taken to camps or killed.
On pokemon platininum how do you get Arceus?
Arceus cannot be found during normal gameplay. You need to get it from an event
Can the acidity due to acetic be found out by the titration procedure?
N cannot be found by the titration procedure because the acetic acid is very weak acid and cannot be appear completely during the tit ration procedure
Can the acidity due to acetic acid be found out by the titration procedure?
N cannot be found by the titration procedure because the acetic acid is very weak acid and cannot be appear completely during the tit ration procedure
What happens when an up antiquark meets a proton?
Nothing, because quarks cannot be found outside of a hadron, therefore nothing will happen because it is impossible.
How can you find out how the repossession guys found your car?
No, you have it wrong. The repossession guys found THE BANK'S car. Once the bank takes the right paperwork to the court, the vehicle is no longer yours and you have no rights to it. The bank may have hired a private investigator to find the vehicle, especially if there is enough value that they want to pay off some of the loan.
What rock cannot be found in the sea?
Dry rocks cannot be found in the sea.
Should you send a 10-day demand letter after repossession and if so where can a sample letter be found?
Ga UCC Sec 9
What happens to evidence if an arrest is found unconstitutional?
If an arrest is found unconstitutional, any evidence obtained as a result of that arrest may be deemed inadmissible in court under the exclusionary rule. This means that law enforcement cannot use that evidence to support a prosecution. Additionally, the defense may file a motion to suppress the evidence, arguing that it was obtained in violation of the defendant's constitutional rights. Ultimately, if the court agrees, the evidence cannot be presented during trial.
Can the bank or the repossession company charge a fee if the car was never recovered by them and the loan was paid off?
Yes, if the lending agreement was in default and the lender found it necessary to implement collection or repossession action at their expense. The majority of financial contracts contain clauses allowing the lender to charge the borrower additional fees and penalties for, late or missed payments, collection or repossession costs, and so forth.
Where do you find state laws regarding auto repossession?
Repo Laws can be found at a site called www.dmv.org or you can also check your local laws.
