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Self-Help Without Breaching the Peace- How Does a Secured Creditor Repossess Collateral Without Incurring Liability?

August 13, 2013 Banking & Financial Services Industry Legal Blog

When a person or business loans money to another person or business, it is usually the case that the creditor will require a security interest in the assets of the debtor. Often times, especially these days given the state of the economy in the past five years, the debtor will default on the loan, usually by failing to repay the funds in accordance with the terms of the agreement. Since the creditor has a security interest in debtor’s personal property, the creditor can simply walk in one day and take everything to satisfy the loan right? Not quite…

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