Apr 10, 2022 · A lien is the legal right of a creditor to sell the collateral property of a debtor who fails to meet the obligations of a loan contract.

Aug 30, 2021 · A trust receipt is a notice of the release of merchandise to a buyer from a bank, with the bank retaining the ownership title of the released assets.

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Debt Types. There are three distinct types of debt that can be issued by local government: General obligation (GO) debt is secured by the full faith and credit of the local government issuing the debt.The municipality pledges its tax revenues unconditionally to pay the interest and principal on the debt as it matures.

A secured creditor may repossess a piece of collateral or render a piece of equipment unusable on the debtor’s premises through self-help and without judicial process pursuant to Section 9-609(b)(2) of the Uniform Commercial Code. Self-help repossession is the easiest, quickest and most cost-effective means

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Feb 21, 2019 · Now, because it is usufruct, the law allows the parties to stipulate the conditions including the manner of its extinguishment. In this case, it was subject to a resolutory condition which is in case the heir of Paraiso (aa third party) desires to repossess the property. Upon the happening of the condition, the contract is extinguished.

Sep 30, 2020 · To secure this right, the lender places a lien on your property. To improve their chances of recouping the money that they lend, they (usually) only lend if you’ve got a good loan-to-value (LTV) ratio, a number that represents the risk that the lender will take in granting someone a secured loan, such as a mortgage.To calculate the ratio, the lender divides your …

If your mortgage lender repossess your home you're responsible for insuring it until it is sold and you should tell your insurer that you are no longer living there, otherwise you may not be covered. If you don't have a mortgage. Buildings insurance isn't compulsory but it is advisable. Think about how you would afford to rebuild your house if ...

Jun 26, 2020 · The lender has a lien on the title, and can repossess and sell the vehicle to recover the money owed. Because real property is typically the most valuable asset that a debtor has, they will be the first type of property that a creditor will typically go after with a lien. Below, we’ll cover some of the types of liens used on real property.