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. The individuals hired by the bank slashed the debtor’s tires and chased the debtor when attempting to repossess the vehicle.

Secured Creditor 98

Secured Creditor Repossession Collateral Creditors 98

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.

Secured Creditor 69

Secured Creditor Collateral Repossession Creditors 69

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 decision and justification for abandoning the collateral, including the basis for the Recoverable Value estimate, must be documented in the loan file. Liquidation Methods. 679.609(2)(b), Fla.

Collateral 98

Collateral Loans Secured Creditor Lender 98

Troutman Sanders

APRIL 24, 2023

Earlier this month, a district court for the Eastern District of Michigan dismissed on its own initiative a Fair Credit Reporting Act (FCRA) claim brought by a consumer alleging inaccurate reporting of her charged-off vehicle loan. Americredit Financial Services, Inc. The court’s opinion in Shelton v. Hence, no inaccuracy.

Loans 52

Loans Repossession Secured Creditor Construction 52

Jimerson Firm

FEBRUARY 2, 2021

If a borrower defaults on a SBA loan, the lender or CDC must assess the environmental risk of contamination before conducting any liquidation action that could result in a loss, or otherwise increase the risk of loss, due to the actual or alleged presence of contamination. SOP 50 10 5(E), Appendix 2. SOP 50 57 2 ; SOP 50 55.

Lender 76

Lender Collateral Loans Foreclosure 76

Jimerson Firm

FEBRUARY 3, 2021

Foreclosures in Florida are judicial, meaning the secured creditor must file a lawsuit. The lawsuit must be brought in a court of competent jurisdiction based on the value of the mobile home (not the amount alleged that is unpaid on the loan).

Foreclosure 96

Foreclosure Collateral Lender Repossession 96

Consumer Financial Services Law

JANUARY 31, 2020

Joy Denby-Peterson purchased a 2008 Corvette in July 2016, and several months later the vehicle was repossessed when Denby Peterson failed to make all of the required loan payments. She then notified her creditors of the filing and demanded return of the Corvette. The Third Circuit joined the Tenth and D.C.

Collateral 40

Collateral Repossession Bankruptcy Chapter 13 bankruptcy 40