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Repossession, colloquially repo, is a "self-help" type of action in which the party having right of ownership of a property takes the property in question back from the party having right of possession without invoking court proceedings. The property may then be sold by either the financial institution or third party sellers. [1]
Vehicle immobilization is a key part of the act of impounding.. Vehicle impoundment is the legal process of placing a vehicle into an impoundment lot or tow yard, [1] which is a holding place for cars until they are placed back in the control of the owner, recycled for their metal, stripped of their parts at a wrecking yard or auctioned off for the benefit of the impounding agency.
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In common law, surrender is the term describing a situation where a tenant gives up possession of property held under a tenancy as a result of which the tenancy ends. [1] A surrender differs from an eviction on the question of mutual agreement. Surrender implies a mutual agreement, whereas eviction implies the absence of a mutual agreement.
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Using a 40(k) loan to purchase a car could be a smart move if it's the least expensive option. Before using this option, consider the potential drawbacks, including fees and missing out on ...
Waiver is the voluntary relinquishment, surrender or abandonment of some known right or privilege. Forfeiture is the act of losing or surrendering something as a penalty for a mistake or fault or failure to perform, etc. Per U.S. v. Olano, if a defendant has waived a right, then he cannot obtain redress in appellate court.
A Bankruptcy Exemption defines the property a debtor may retain and preserve through bankruptcy. Certain real and personal property can be exempted on "Schedule C" [42] of a debtor's bankruptcy forms, and effectively be taken outside the debtor's bankruptcy estate. Bankruptcy exemptions are available only to individuals filing bankruptcy.