Jimerson Firm
DECEMBER 10, 2021
Many secured creditors and equipment leasing companies have encountered defaulted debts, where the debtors and lessees retain possession of the collateral, including cars, boats, machinery, or other equipment. Self-Help Repossession. Self-help asset recovery is more commonly known as repossession. 2d 752 (Fla. 3d DCA 1965).
Jimerson Firm
NOVEMBER 16, 2020
When a borrower applies for a loan, most lenders require the borrower to pledge an asset as security for the repayment of the loan, i.e. collateral. In the event the borrower defaults, usually by failing to make loan payments, a secured creditor has a right to take possession of the collateral. Barnett Bank of Pensacola , 397 So.
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Jimerson Firm
NOVEMBER 27, 2023
Any secured creditor, large or small, may encounter a situation in which it is preferable to retain or recover the collateral in a transaction without having to sell the collateral itself. However, many will be unaware of the precise procedure and requirements for retaining the collateral itself. 679.609(1).
Sawin & Shea
OCTOBER 26, 2022
Unsecured loans are loans that don’t have collateral. If you fail to repay an unsecured personal loan, the lender cannot repossess your assets. Common unsecured loans include: Bank loans with no collateral. Repossession deficiency claims. Payday loans. Signature loans. Old lease balances. Credit card debts.
Jimerson Firm
NOVEMBER 23, 2020
When a small business association (“SBA”) loan is converted to liquidation status, the lender must begin liquidating the collateral. The “Recoverable Value” is “the net dollar amount that a prudent lender could reasonably expect to recover by liquidating a particular piece of collateral.” See SOP 50 57. Liquidation Methods.
Sawin & Shea
FEBRUARY 28, 2024
Unsecured loans don’t have collateral. If you fail to repay an unsecured personal loan, the lender cannot repossess your assets. Yes, if you need to get a personal loan after going through bankruptcy, secured loans that require collateral like a car title loan or home equity loan are easier to qualify for post-bankruptcy.
Jimerson Firm
NOVEMBER 11, 2020
Site visits allow lenders and CDCs to gain a first-hand impression of the borrower’s business operations, evaluate risks, and inventory the collateral. Frequent site visits help lenders and CDCs make prudent lending decisions by keeping them up-to-date with the condition of the collateral and the borrower’s business operations.
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