Not sure what is being asked. Unless you have a "signature" loan, you probably have some kind of security or collateral at risk. Whether it takes the form of a lien or not, depends on whether you pay off the loan, or the lender has to go to court to legally attach your property (a lien).
NO Because there is a lien on it.
Yes, if those who control the dead borrower's estate do not continue to make the payments. The lender has a lien on the car, no matter who owns it.
what does a person become ( he/she ) after filing for a ucc and what will he/she be recognized as ? ( Borrower/ Lendor )?
Only a lien holder can require a borrower to carry insurance.
Hypothecation is the practice of a borrower pledging an asset as collateral for a loan while retaining ownership of the assets and enjoying the benefits therefrom. The lender has the right to take possession of the asset if the borrower defaults. An example would be a mortgage. The transaction is memorialized in a note and mortgage document evidence of which is recorded in the land records. That recorded evidence constitutes a lien on the property. The lien is released when the debt is paid.
Lien is the term
Yes. Banks often grant 1st and 2nd liens to the same borrower, sometimes at the same time. Under certain circumstances a bank or lender may also allow a 3rd position lien, so the borrower would have 1 senior and two junior liens.
This depends on the Loan Note or Deed of Trust, but if a borrower fails to pay the first mortgage, generally the second mortgagee can reinstate or payoff the first lien and foreclose. Most mortgage documents contain covenants where the borrower swears to take good care of the property and pay all liens, and where failure to do so constitutes a default of the junior lien holder's note.
Repossession occurs when the borrower fails to make payments on a loan secured by a vehicle. If "the bank" is not the lien holder then it has no authority to take possession of the car by repossession. However, if a bank obtains a judgment lien against you in court for a different debt, it can use the judgment lien to seize your car, or any other property, to satisfy the judgment.Repossession occurs when the borrower fails to make payments on a loan secured by a vehicle. If "the bank" is not the lien holder then it has no authority to take possession of the car by repossession. However, if a bank obtains a judgment lien against you in court for a different debt, it can use the judgment lien to seize your car, or any other property, to satisfy the judgment.Repossession occurs when the borrower fails to make payments on a loan secured by a vehicle. If "the bank" is not the lien holder then it has no authority to take possession of the car by repossession. However, if a bank obtains a judgment lien against you in court for a different debt, it can use the judgment lien to seize your car, or any other property, to satisfy the judgment.Repossession occurs when the borrower fails to make payments on a loan secured by a vehicle. If "the bank" is not the lien holder then it has no authority to take possession of the car by repossession. However, if a bank obtains a judgment lien against you in court for a different debt, it can use the judgment lien to seize your car, or any other property, to satisfy the judgment.
It may be accelerated and payable from the excess proceeds of the auction held by the first lienor in foreclosure, if there is any excess. --- improve the answer: If seond lien is not a superior lien (e.g. Tax lien is superior than MGT lien), when the first lien is foreclosured the second lien will be washed out --- Not exists any more. However, a superior lien, even a second lien, will still survive the foreclosure process which means the property owner (who has bought the property during foreclosure) still needs to pay.
It covers the lien holder interest only in the described property. There is no coverage at all for the borrower / debtor.
No, the first lien hold cannot claim or collect any monies from the 2nd lien holder. The lien holders sole recourse is with the borrower.