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Once goods have been repossessed, the creditor must issue a post-possession notice, [12] in the form prescribed in Schedule 2 of the Act, [13] and serve it on the debtor within 21 days of the repossession. Failure to do so means that the creditor is not allowed to recover the costs of repossession from the debtor. [14]
Foreclosure is a legal process in which a lender attempts to recover the balance of a loan from a borrower who has stopped making payments to the lender by forcing the sale of the asset used as the collateral for the loan. [1] [2]
When a provision of law requires that repossession takes place, the lien holder has a non-delegatable obligation not to cause a breach of the peace (which is synonymous with disturbing the peace) in performing the repossession or the repossession will be reversed, and the party ordering the repossession will be liable for damages (or the lienholder will be held responsible).
Asset recovery, also known as investment or resource recovery, is the process of maximizing the value of unused or end-of-life assets through effective reuse or divestment. While sometimes referred to in the context of a company undergoing liquidation , Asset recovery also can describe the process of liquidating excess inventory , refurbished ...
Replevin lay to recover goods still held after a tender of amends. [7] Detinue lay to recover lent goods where the holder refused to return them to the owner. However, the defendant was allowed to exculpate himself by oath, so this action was displaced by that of trover and conversion. [8]
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