What is Redemption?
Redemption is a legal term that describes a debtor’s action of reclaiming collateral that a creditor took legal possession of pursuant to the terms of a secured loan. Typically, a …
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What is the Retail Installment Sales Financing Act?
A Retail Installment Sales Financing Act is a state law that governs retail installment contracts. A retail installment contract is one where the lender maintains title to the property, such …
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Legal Articles
What Is Fraudulent Conveyance and How Can I Avoid it?
The Classic Fraudulent Conveyance The classic fraudulent conveyance occurs when a person intentionally transfers property to another with the intent to defraud, hinder, or delay a creditor’s ability to collect on a debt. For example, let’s say a car dealership finances a car for a buyer based on the buyer’s credit report and bank account funds. Later, the buyer transfers his …
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How Can a Creditor Repossess Property?
Many Americans experience a time when their financial obligations become overwhelming and they are unable to pay all of their outstanding obligations on time. A debtor who defaults on a secured loan may face the threat of property repossession. A creditor can repossess property only if the creditor has a valid security interest in that property and if the creditor follows the proper …
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