Asked by
Colin Nilsen
on Nov 01, 2024
Verified
Collateral may only be repossessed after going through a court with the creditor using available legal processes.
Repossessed
The act of a lender taking back an object, typically a vehicle or property, from the borrower due to failure to make the agreed-upon payments.
Legal Processes
Formal procedures and practices followed in the administration of justice, including litigation and judicial decisions.
- Comprehend the legal mechanisms relevant to default scenarios, encompassing repossession and foreclosure activities.
Verified Answer
AR
Learning Objectives
- Comprehend the legal mechanisms relevant to default scenarios, encompassing repossession and foreclosure activities.