The California Business and Professions Code is very clear on this point. The code states the following: With regard to collateral subject to registration under the Vehicle Code, a repossession occurs when the repossessor gains entry to the collateral or when the collateral becomes connected to a tow truck. You can find out more repossession related laws by checking out the website at mparepos.com. They have a FAQ page that answers all related repossession law questions for the State of California.
Repossession is generally used to refer to a financial institution taking back an object that was either used as collateral or rented or leased in a transaction.
Failure to repay a loan which has been secured by means of collateral may result in the seizure of that collateral. This would constitute repossession only if that collateral was something that you had purchased with the borrowed money. It could be something entirely different, though. Any valuable possession can be used as collateral, if the bank agrees. If it is, let us say, a piece of jewelry that you had inherited from your grandmother, it would be something that the bank had never previously possessed or financed, hence, the seizure would not technically be a repossession. You can only repossess what you previously possessed.
House repossession refers to the process by which a financial organization takes ownership of the house as collateral due to failed payments or inability to pay.
Your property can be subject to repossession if you default on a loan. This can be the case if you put up part of your collateral as a guarantee for your loan.
In Alabama, repossession codes are primarily governed by the Uniform Commercial Code (UCC), specifically Article 9, which outlines the rights of secured parties regarding the repossession of collateral. A secured party must provide proper notice to the debtor before repossessing collateral, and the repossession must be done without breaching the peace. Additionally, if a repossession occurs, the debtor has the right to redeem the collateral by paying the outstanding debt before it is sold. Specific local laws and regulations may also apply, so it's advisable to consult a legal expert for detailed guidance.
The main causes of property repossession is for nonpayment of the mortgage or any loans where the property was put up as collateral. If nonpayment occurs the lend has the right to repossess.
If guess you mean "refinance" when you say "reprocess", the answer is repossession. Loans in DEFAULT are subject to repossession of the collateral and payment of the balance owed by voluntary or legal means.
Look in the phone book under "collateral recovery","repossessions","towing & recovery", ect.
Collateral Recovery, (original & revised) and The Repossession Process.He lives in Tulsa,OK on a mountain with his wife Brenda
You HAD the right to keep an eye on collateral that you were standing good for and to make sure it was being paid for in a timely manner. Now you have the right to PAY for that collateral after it sells at auction.
No. Repo (or repossession) occurs only when payments are not made on a car loan, or if a collateral conversion is done by a lender with whom you have another unpaid loan, or if the courts permit a collateral conversion in the event of an unpaid judgment.