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For example, in Ohio, a vehicle owner who wishes to sell a car that has an ELT must first have the lien released by paying the lienholder the remaining amount owed on the lien. The lienholder then releases their lien electronically which allows the customer to pick up the title directly from the Ohio BMV on the following business day. Some ...
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).
There are other forms of security over goods such as a pledge and contractual lien which also only give right to a security interest of a possessory nature. An example of a conditional bill of sale can be found where a creditor gives a loan and has transferred to himself, as collateral or security for the loan, the title of the goods or other ...
A lien is a claim that allows a creditor to seize and sell collateral (for example, your home) to pay off unsatisfied debt. In the case of a mortgage, the creditor is your lender. Mortgage lien types
The V5 document records who the Registered Keeper of the vehicle is; it does not establish legal ownership of the vehicle. These documents used to be blue on the front. However, they were changed to red in 2010/11 after approximately 2.2 million blank blue V5 documents were stolen, allowing thieves to clone stolen vehicles much more easily. [2] [3]
Maryland Auto is governed by a board of trustees composed of nine members selected by the Governor for a five-year period, with the advice and approval of the Senate. The Executive Director manages Maryland Auto's day-to-day affairs and works at the Board of Trustees' convenience. [2] [3]
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A lien (/ ˈ l iː n / or / ˈ l iː ən /) [Note 1] is a form of security interest granted over an item of property to secure the payment of a debt or performance of some other obligation. The owner of the property, who grants the lien, is referred to as the lienee [3] and the person who has the benefit of the lien is referred to as the lienor ...