Collateral Creditor's Rights Repossession 
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. 679.609, Fla.
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.
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Jimerson Firm
FEBRUARY 3, 2021
Lenders will usually be faced with two situations: (1) the mobile home existed at the time of the mortgage, and is identified in the mortgage documents as collateral; or (2) the mobile home did not exist at the time of the mortgage, and is not identified in the mortgage documents as collateral. (1)
Sawin & Shea
NOVEMBER 15, 2023
In broad terms, if a debt is secured, it means it is backed up by collateral property. If a debt is unsecured, no collateral is put up as a guarantee to pay. That means that you must continue to pay on most secured debts to keep or hold onto the collateral. What is the difference? Unsecured Debt What is unsecured debt?
Consumer Financial Services Law
DECEMBER 29, 2016
Also, on an auto loan, there could be more than one missed payment, followed by a repossession, followed by a sale of the collateral and establishment of a deficiency balance. He concentrates his practice in creditors' rights with an emphasis on debt collection, judgment enforcement, and commercial litigation.
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