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Repossession
Repossession, commonly referred to as repo, is a "self-help" type of action in which the party having the right of ownership of a property takes the property in question back from the party having right of possession without invoking court proceedings. The property may then be sold by either the financial institution or third party sellers. The extent to which repossession is authorized, and how it may be executed, greatly varies in different jurisdictions (see below). When a lender cannot find the collateral, cannot peacefully obtain it through self-help repossession, or the jurisdiction does not allow self-help repossession, the alternative legal remedy to order the borrower to return the goods (prior to judgment) is replevin. The security interest over the collateral is often known as a lien. The lender/creditor is known as the lienholder. General The existence and handling of repossessions varies greatly between jurisdictions. In most jurisdictions outside of the U.S., ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Foreclosure
Foreclosure is a legal process in which a lender attempts to recover the balance of a loan from a borrower who has Default (finance), stopped making payments to the lender by forcing the sale of the asset used as the Collateral (finance), collateral for the loan. Formally, a Mortgage law#Mortgage lender, mortgage lender (mortgagee), or other lienholder, obtains a termination of a Mortgage law#Borrower, mortgage borrower (mortgagor)'s Equity of redemption, equitable right of redemption, either by court order or by operation of law (after following a specific statutory procedure). Usually, a lender obtains a security interest from a borrower who mortgages or pledges an asset like a house to secure the loan. If the borrower default (finance), defaults and the lender tries to Repossession, repossess the property, courts of equity can grant the borrower the Equity of redemption, equitable right of redemption if the borrower repays the debt. While this equitable right exists, it is ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Self-help (law)
Self-help, in the context of a legal doctrine, refers to individuals exercising their rights without resorting to legal writs or consulting higher authorities. This occurs, for example, when a financial institution repossesses a car on which it holds both the title and a defaulted note. Individuals may resort to self-help when they retrieve property under the unauthorized control of another person or abate nuisances, such as using sandbags and ditches to protect land from flooding. A self-help eviction refers to a commercial landlord's common law right to peaceably reenter their property to evict a defaulting tenant or other person with no right of possession. Degrees of limitation The legal system places varying degrees of limitation on self-help, and laws vary widely among different jurisdictions. Often, self-help is allowed as long as no law is broken and no breach of the peace occurs (or is likely to occur). Additionally, the usual limit on liability for actions of an agen ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Replevin
Replevin () or claim and delivery (sometimes called revendication) is a legal remedy which enables a person to recover personal property taken wrongfully or unlawfully, and to obtain compensation for resulting losses. Etymology The word "replevin" is of Anglo-Norman origin and is the noun form of the verb "replevy". This comes from the Old French , derived from ("to pledge"), which is derived from the Latin ("to redeem a thing taken by another"). Nature In ''The Law of Torts'', John Fleming has written: In common law, several types of action existed with respect to deprivation of possession (being subdivided into the wrongful taking of chattels and the unjust detention of them, even where the original taking was lawful): * In the case of wrongful taking: ** A writ of replevin was available only for an unlawful taking in the nature of a wrongful distress, where restitution could be made for the goods wrongfully taken (being in the nature of a redelivery of the pledge or the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Right Of Possession
The right of possession is a right of a person who currently holds property in hand or under their control to retain such possession, or alternatively for another person who claims superior title or right to possession of the property. There is a legal dictum in law that “ possession is nine-tenths of the law”, meaning that a person in possession is presumed to have a right to such possession unless another person claiming possession proves they have a superior right to it. Examples Several examples have been given of the right of possession: * A business buys a vehicle and obtains financing. The entity purchasing the vehicle becomes the registered owner and has both possession and ''right of possession''. The finance provider would be the lienholder and have a security interest that, upon default, would become a ''right of retention''. If the business that bought the vehicle then rented it to someone, that individual would then have ''possession'' but would not have ''righ ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
National Automobile Dealers Association
The National Automobile Dealers Association (NADA) is an American trade organization representing nearly 16,500 franchised new car and truck dealerships, both domestic and foreign. Established in 1917, the organization is based in Tysons Corner, Virginia. As the automotive retail industry's primary trade association, NADA monitors federal legislation and regulation affecting dealerships and publishes forecasts and reports about industry trends. American Truck Dealers, established in 1970, is a division of NADA representing nearly 1,800 heavy- and medium-duty truck dealerships throughout the United States. Overview NADA represents nearly 16,500 new car and truck dealerships, with both domestic and international franchises in the United States. The organization serves dealers by regularly representing dealerships before Congress and other federal government agencies. NADA monitors federal legislation affecting dealership operations and vehicle sales, including taxes, trade agr ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Tow Truck
A tow truck (also called a wrecker, a breakdown truck, recovery vehicle or a breakdown lorry) is a truck used to move disabled, improperly parked, Vehicle impoundment, impounded, or otherwise indisposed motor vehicles. This may involve recovering a vehicle damaged in an accident, returning one to a drivable surface in a mishap or inclement weather, or towing or transporting one via flatbed to a automobile repair shop, repair shop or other location. A tow truck is distinct from a car carrier trailer, which is used to move multiple new or used vehicles simultaneously in routine transport operations. History Ferdinand Porsche of Austro-Daimler developed an artillery tractor for the Austro-Hungarian army in 1908, the Austro-Daimler artillery tractors#M 08, M 08. One of the batch was constructed as a recovery vehicle for the others, with a large winch on the rear platform. The wrecker (with lifting jib) was invented in 1916 by Ernest Holmes Sr. of Chattanooga, Tennessee, a garage w ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Personal Finance
Personal finance is the financial management that an individual or a family unit performs to budget, save, and spend monetary resources in a controlled manner, taking into account various financial risks and future life events. When planning personal finances, the individual would take into account the suitability of various banking products ( checking accounts, savings accounts, credit cards, and loans), insurance products ( health insurance, disability insurance, life insurance, etc.), and investment products ( bonds, stocks, real estate, etc.), as well as participation in monitoring and management of credit scores, income taxes, retirement funds and pensions. History Before a specialty in personal finance was developed, various closely related disciplines, such as family economics and consumer economics, were taught in various colleges as part of home economics for over 100 years. In 1920, Hazel Kyrk's dissertation at the University of Chicago was inst ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Public Official
An official is someone who holds an office (function or mandate, regardless of whether it carries an actual working space with it) in an organization or government and participates in the exercise of authority (either their own or that of their superior or employer, public or legally private). An elected official is a person who is an official by virtue of an election. Officials may also be appointed ''ex officio'' (by virtue of another office, often in a specified capacity, such as presiding, advisory, secretary). Some official positions may be inherited. A person who currently holds an office is referred to as an incumbent. Something "official" refers to something endowed with governmental or other authoritative recognition or mandate, as in official language, official gazette, or official scorer. Etymology The word ''official'' as a noun has been recorded since the Middle English period, first seen in 1314. It comes from the Old French ' (12th century), from the Latin">- ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bürgerliches Gesetzbuch
The ''Bürgerliches Gesetzbuch'' (, ), abbreviated BGB, is the civil code of Germany, codifying most generally-applicably private law. In development since 1881, it became effective on 1 January 1900, and was considered a massive and groundbreaking project. The BGB served as a template in several other civil law jurisdictions, including Japan, Korea, the Republic of China (Taiwan), Thailand, Brazil, Greece, Estonia, Latvia and Ukraine. It also had a major influence on the 1907 Swiss Civil Code, the 1942 Italian Civil Code, the 1966 Portuguese Civil Code, and the 1992 reformed Dutch Civil Code. History German Empire The introduction in France of the Napoleonic code in 1804 created in Germany a similar desire to draft a civil code (despite the opposition of Friedrich Carl von Savigny’s Historical School of Law) which would systematize and unify the various heterogeneous laws that were in effect in the country. However, such an undertaking during the German Confeder ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Theft
Theft (, cognate to ) is the act of taking another person's property or services without that person's permission or consent with the intent to deprive the rightful owner of it. The word ''theft'' is also used as a synonym or informal shorthand term for some crimes against property, such as larceny, robbery, embezzlement, extortion, blackmail, or receiving stolen property. In some jurisdictions, ''theft'' is considered to be synonymous with '' larceny'', while in others, ''theft'' is defined more narrowly. A person who engages in theft is known as a thief ( thieves). ''Theft'' is the name of a statutory offence in California, Canada, England and Wales, Hong Kong, Northern Ireland, the Republic of Ireland, and the Australian states of South Australia Theft (and receiving). and Victoria. Theft. Elements The '' actus reus'' of theft is usually defined as an unauthorised taking, keeping, or using of another's property which must be accompanied by a '' mens rea'' of ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Nonrecourse Debt
Nonrecourse debt or a nonrecourse loan (sometimes hyphenated as non-recourse) is a secured loan (debt) that is secured by a pledge of collateral, typically real property, but for which the borrower is not personally liable. If the borrower defaults, the lender can seize and sell the collateral, but if the collateral sells for less than the debt, the lender cannot seek that deficiency balance from the borrower—its recovery is limited only to the value of the collateral. Thus, nonrecourse debt is typically limited to 50% or 60% loan-to-value ratios, so that the property itself provides "overcollateralization" of the loan. The incentives for the parties are at an intermediate position between those of a full recourse secured loan and a totally unsecured loan. While the borrower is in first loss position, the lender also assumes significant risk, so the lender must underwrite the loan with much more care than in a full recourse loan. This typically requires that the lender have ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Kelley Blue Book
Kelley Blue Book Co., Inc. (KBB) is an American vehicle valuation and automotive research company. Based in Irvine, California, the company is owned by the Cox Automotive subsidiary of Cox Enterprises. History The company began as the Kelley Kar Company founded by Les Kelley in 1918. Kelley started the company with three Model T Fords. His younger brother, Buster, worked with Kelley as a lot boy. By using data collected from the dealership, Kelley published the company's first Blue Book in 1926, which became a standard guide in automotive trade in determining car value. Kelley Blue Book was formed in 1926, and the Kelley family continued its dealership business in Southern California for several decades. By the 1960s, the company moved from a car dealership to a specialty publisher and focused on the production of its automobile price guide. Kelley Blue Book guide became the first publication to use mileage to determine a car's value. In 1995, Kelley Blue Book created its c ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
