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Difference between revisions of "Security Agreements"
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A '''security agreement''' documents an intention to grant another party a security interest in personal property to make sure a loan is paid back or a promise is kept. | A '''security agreement''' documents an intention to grant another party a security interest in personal property to make sure a loan is paid back or a promise is kept. | ||
== Client problems== | == Client problems== | ||
* Client wants to know what a car dealer means when the dealer says it will take a “lien” over a car as part of a financing arrangement.
| * Client wants to know what a car dealer means when the dealer says it will take a “lien” over a car as part of a financing arrangement.
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* Client is behind in car payments and wants to know their rights because the lender is threatening to repossess the car.
| * Client is behind in car payments and wants to know their rights because the lender is threatening to repossess the car.
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* Client’s car was repossessed because of missed payments and the client wants to know if anything can be done about it.
| * Client’s car was repossessed because of missed payments and the client wants to know if anything can be done about it.
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== Summary of the law== | == Summary of the law== | ||
[[File:Consumer_Law_and_Debt_-_Security_Agreements.jpg|thumb|275px|right| link=| <span style="font-size:50%;">Image via www.istockphoto.com</span>]] | [[File:Consumer_Law_and_Debt_-_Security_Agreements.jpg|thumb|275px|right| link=| <span style="font-size:50%;">Image via www.istockphoto.com</span>]] | ||
