Repossession Info

Information About Collateral Repossessions

What is a Repossession and Repoman

A repoman or repossession agent is one of the most unpopular people in society today. However, he or she serves an essential function of insuring the protection of property. When someone cannot pay for a debt that they took on, debt collectors step in and try to recover the money owed. When debt collectors cannot acquire the amount due from the debtor, they may call upon the services of a repo company to 'collect' on this debt, by taking back the car, boat, or other property that debt is owed upon. Contrary to popular belief, no company or creditor wants to have to collect bad debts, as it is very costly to do so. A creditor would far rather work out a deal than have to search and seize property from a debtor.

If a lender finds itself in the situation of needing to repossess property while the borrower attempts to avoid paying the debt, the creditor may contract the work of repossession out to a repo company. Repo companies' employees are known as repossesion agents, or repomen. Though most often, a repo man is employed by a repo company, many repossession agents work as independent contractors to lending institutions, credit-card companies, or other repo companies. A "repossessor" is any person who engages in business or accepts employment to locate or recover personal property registered under the Vehicle Code or other personal property sold under a security agreement

Tennessee State Secured Transactions:

The State of Tennessee generally adopts the provisions of the Uniform Commercial Code in secured transactions. (47-9-101 et seq.)

A creditor generally is entitled to recover possession of collateral upon the default of a debtor on a secured transaction. In obtaining possession

of collateral, a creditor may do so without judicial process if it can be done without breach of the peace or by judicial action. (47-9-503.)

After a debtor's default, a secured creditor may sell, lease or otherwise dispose of the collateral in a commercially reasonable manner. (47-9-504.)

Any time before the disposition of the collateral, a debtor may have a right to redeem the collateral by tendering full payment of the obligation

owed and all reasonable expenses incurred by the creditor. (47-9-506.) The disposition of the collateral may be conducted by public or private sale.

Reasonable notice of the time and place of the sale is generally required to be given to other secured creditors and the debtor. (47-9-504(3).)

A creditor must account to the debtor any surplus, and unless otherwise agreed, the debtor may be liable for any deficiency. (47-9-502(2).)

Georgia State Secured Transactions

The State of Georgia generally adopts the provisions of the Uniform Commercial Code in secured transactions. (Section 11-9-101 et seq.)

A creditor generally is entitled to recover possession of collateral upon the default of a debtor on a secured transaction. In obtaining possession of collateral,

a creditor may do so without judicial process if it can be done without breach of the peace or by judicial action. (Section 11-9-503.) Under Rule 120-1-14-18 of the

Administrative Rules and Regulations of the State of Georgia, in a consumer transaction involving an amount of $3,000.00 or less, a creditor may not be permitted to take

possession of collateral without judicial process unless such authorization is clearly, prominently, and conspicuously disclosed to the consumer immediately above the

place for his signature on the loan document or as an addition to the "NOTICE TO CONSUMER" as defined in Rule 120-1-14-.08(3) of the Regulations. Georgia's Administrative

Rules and Regulations may be viewed from the web site of the State of Georgia. After a debtor's default, a secured creditor may sell, lease or otherwise dispose of the collateral in a commercially reasonable manner. (Section 11-9-504.) Any time before the disposition of the collateral, a debtor may have a right to redeem the collateral by tendering full payment of the obligation owed and all reasonable expenses incurred by the creditor. (Section 11-9-506.) The disposition of the collateral may be conducted by public or private sale. Reasonable notice of the time and place of the sale is generally required to be given to other secured creditors and the debtor. (Section 11-9-504(3).) A creditor must account

to the debtor any surplus, and unless otherwise agreed, the debtor may be liable for any deficiency. (Section 11-9-502(2).)

Florida State Secured Transactions

The State of Florida generally adopts the provisions of the Uniform Commercial Code in secured transactions. (Section 679.501, et seq.)

A creditor generally is entitled to recover possession of collateral upon the default of a debtor on a secured transaction. In obtaining possession of collateral, a creditor

may do so without judicial process if it can be done without breach of the peace or by judicial action. (Section 679-503.) After a debtor's default, a secured creditor may sell, lease or otherwise dispose of the collateral in a commercially reasonable manner. (Section 6799-504.) Any time before the disposition of the collateral, a debtor may have a right to redeem the collateral by tendering full payment of the obligation owed and all reasonable expenses incurred by the creditor. (Section 679-506.) The disposition of the collateral may be conducted by public or private sale. Reasonable notice of the time and place of the sale is generally required to be given to other secured creditors and the debtor. (Section 679-504(3).) A creditor must account to the debtor any surplus, and unless otherwise agreed, the debtor may be liable for any deficiency. (Section 679-502(2).)

Alabama State Secured Transactions

The State of Alabama generally adopts the provisions of the Uniform Commercial Code in secured transactions.

A creditor generally is entitled to recover possession of collateral upon the default of a debtor on a secured transaction. In obtaining possession of collateral, a creditor

may do so without judicial process if it can be done without breach of the peace or by judicial action. (C.O.A. 7-9-503.) After a debtor's default, a secured creditor may sell, lease or otherwise dispose of the collateral in a commercially reasonable manner. C.O.A. 7-9-504.) Any time before the disposition of the collateral, a debtor may have a right to redeem the collateral by tendering full payment of the obligation owed and all reasonable expenses incurred by the creditor. (C.O.A. 7-9-506.) The disposition of the collateral may be conducted by public or private sale. Reasonable notice of the time and place of the sale is generally required to be given to other secured creditors and the debtor. (C.O.A. 7-9-504(3).) A creditor must account to the debtor any surplus, and unless otherwise agreed, the debtor may be liable for any deficiency. (C.O.A. 7-9-502(2).) The Uniform Commercial Code division of the Office of the Secretary of State of Alabama maintains information online, including The UCC Guide in Adobe® PDF format.

North Carolina State Secured Transactions

The State of North Carolina generally adopts the provisions of the Uniform Commercial Code in secured transactions. (25-9-101, et seq.)

A creditor generally is entitled to recover possession of collateral upon the default of a debtor on a secured transaction. In obtaining possession of collateral,

a creditor may do so without judicial process if it can be done without breach of the peace or by judicial action. (25-9-503.) After a debtor's default, a secured creditor may sell,

lease or otherwise dispose of the collateral in a commercially reasonable manner. (25-9-504(1).) Any time before the disposition of the collateral, a debtor may have a right to

redeem the collateral by tendering full payment of the obligation owed and all reasonable expenses incurred by the creditor. (25-9-506.) The disposition of the collateral may be conducted by public or private sale. Reasonable notice of the time and place of the sale is generally required to be given to other secured creditors and the debtor. A creditor must account to the debtor any surplus, and unless otherwise agreed, the debtor may be liable for any deficiency. (25-9-504(2).) Any surplus must be paid to the person to whom he is entitled if such person is know. If not, the surplus shall be paid to the clerk of the superior court of the county where the sale or

other disposition was held. (§ 25-9-504.1.)