What are the rights of a secured creditor?
A secured creditor essentially posses the right to obtain the collateral to sell it or liquidate it to satisfy the debt.
If the secured creditor is a mortgagee obviously the secured creditor has the right to foreclose the mortgage. If the secured creditor posses a security interest in personal property there are multiple options under the uniform commercial code.
First, the secured creditor can simply repossess the personal property if he can do so peaceably. That is often difficult so probably the more common scenario is for the secured creditor to file a court action called a replevin action to obtain
possession of the personal property.
Finally, the secured creditor has the same option as the lender, or mortgagee rather, in that it can foreclose on the personal property.
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- What are the rights of a secured creditor?
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- What is your approach?
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- What would your past clients say about you? Legal Dispurt
- Who can ask for an accounting in a partnership or corporation?
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