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Can a Secured Creditor Refuse to Sell the Collateral?

Jimerson Firm

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).

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Can You Get a Startup Loan With No Collateral?

Nerd Wallet

Tracking down no-collateral startup business loans can be a challenge, but it’s not impossible. Some startup business loans don’t require collateral on paper, but that doesn’t mean your personal or business assets are. The article Can You Get a Startup Loan With No Collateral? Hillary Crawford writes for NerdWallet.

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SBA Loan Collateral vs. Guarantee: What’s the Difference?

Nerd Wallet

Personal guarantees and collateral are both ways of promising a lender that you’ll make good on your debt. Collateral ties a loan to a specific asset, like your business’s inventory or your home, which the lender can seize if your business can’t repay the. The article SBA Loan Collateral vs. Guarantee: What’s the Difference?

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How to Get a Business Loan Without Collateral

Nerd Wallet

Business loans that don’t require collateral come in a variety of forms, including online loans, bank loans, Small Business Administration loans, invoice financing, equipment financing and inventory financing. The bad news is that, in place of collateral, lenders will often raise interest rates and fees, or require a personal guarantee or.

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Recovering Personal Property Collateral: When Should Secured Creditors Consider Replevin Instead of Self-Help Repossession?

Jimerson Firm

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. When Should Creditors use Replevin to Recover Collateral? Dania Bank , 321 So. 2d 83 (Fla. 4th DCA 1983).

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How Can a Secured Creditor Repossess Collateral Without Breaching the Peace?

Jimerson Firm

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. 679.609, Fla. 2d 1020, 1024 (Fla.

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What are the Conditions Precedent (if any) to Perfecting a Claim to an Assignment of a Life Insurance Policy as Security Collateral for a Loan?

Jimerson Firm

When lenders take life insurance policies as collateral for loans, they need to be aware of what needs to occur to place a claim in the event their borrower dies. Therefore, it is critical for lenders to confirm that no prior assignment exists on life insurance collateral prior to taking the collateral on as security for a loan.