Welcome to Repossession Guide
Repossession Mambo Article
. For a permanent link to this article, or to bookmark it for further reading, click here.
Legal Issues In Repossession
from:There are many different legal issues which individuals that have repossession businesses or individuals that are facing the possibility of having something repossessed need to be aware of. Each state has individual and different repossession laws, so it is important to be aware of what can and cannot happen with regards to repossession.
Basically any type of repossession occurs when someone owes money on a tangible item and the borrower has defaulted on the payment. These types of repossessions can occur because the borrower actually has a form of a secured loan with the item itself being used as collateral. Since this is a form of a loan, the purchaser who is also the borrower, really is not the owner of the item until the loan for the item is paid in full. The lender actually, in legal terms, continues to be the owner until the note is paid off in full. This allows the lender (with right of ownership) to take the property back without having to go through the court to get a judgment against the party with the right of possession.
Usually most companies that offer equipment, vehicles and other large items don't actually do the repossession, rather they hire a specialized company to go out and collect the property. Even in states where repossessions can be done through these companies, there are still legal precedents that limit or structure the ways and means that the company can use to get the property back. In most states the following legal issues are in place regarding the repossession process:
• The borrower must be made aware that the loan is outstanding and must be informed in the original loan agreement that default on the loan of a specific number of payments will result in repossession action by the lender.
• The individuals completing the repossession cannot commit any illegal acts or cause a breach of the peace in regards to obtaining the item. They cannot break into a house, garage or property that is secured to obtain the item.
• The company or agent cannot damage anything to obtain the item. This means they cannot pull items out of a house and put a hole in the wall or the kitchen cabinets or otherwise damage the property while removing a stove.
• The creditor or the repossession agents cannot threaten to or actually remove any property other than the item you owe money on. This means that they cannot, for example, take a boat that may be on a trailer that is attached to a truck that is being repossessed.
In the United States if a repossession company breaches any of these laws the repossession can be overturned through a court of law and the individual can also be awarded damages.
Repossession Mambo News
Wilmington on DVD: Clash of the Titans, The Secret of the Grain, Yasujiro Ozu, The Art of the Steal, Repo Men, Fanboys
The Kraken, Medusa, Pegasus and the lobster monsters are smashing successes in director Louis Leterrier's lavish remake of Clash of the Titans -- the 1981 Ray Harryhausen mythological epic. But the people and the gods could use a little more work. That's a typical story for a big-studio fantasy blockbuster: great CGI, great effects and action, but obvious characters spouting, in this case ...
Read more...DVD reviews: 'Repo Men' loses its way
Jude Law and Forrest Whitaker star in this high-powered action and science-fiction film. Also new this week: "The Art of the Steal" and "Clash of the Titans."
Read more...DVD reviews: 'Clash of the Titans,' 'Repo Men,' 'Batman: Under the Red Hood'
This weeks major home video releases include an animated superhero adventure, a bleak science-fiction drama and a fantasy film based on Greek mythology.
Read more...The Greatest Films
With the continuing debate over out of control health care costs raging in the background comes Repo Men, a supposedly "original" speculative fiction tale about a maverick artificial organ company operative who, along with his equally unhinged partner, scour a......
Read more...Black Narcissus, Clash of the Titans among DVD reviews
By Matt Brunson BLACK NARCISSUS (1947). Writer-director-producers Michael Powell and Emeric Pressburger, the British dynamic duo responsible for a fair number of their country's classic flicks, crafted a real cinemaphile favorite with this atmospheric and exquisitely rendered drama based on Rumer Godden's novel. In one of her earliest significant roles (as well as one of the last before leaving ...
Read more...