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Difference between revisions of "Creditors' Remedies against Debtors (10:III)"
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Creditors' Remedies against Debtors (10:III) (view source)
Revision as of 19:04, 3 October 2022
, 19:04, 3 October 2022→13. Consequences of Electing to Proceed Against Collateral
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Since proceeding against the collateral precludes the creditor from recovering the deficiency of the debt, the creditor is well advised to collect as much of the debt as possible, from other sources prior to seizing the goods. Remember, however, that if the creditor collects 2/3 or more of the debt, they lose the right to seize the goods. | Since proceeding against the collateral precludes the creditor from recovering the deficiency of the debt, the creditor is well advised to collect as much of the debt as possible, from other sources prior to seizing the goods. Remember, however, that if the creditor collects 2/3 or more of the debt, they lose the right to seize the goods. | ||
=== 14. Consequences of Electing to Sue === | === 14. Consequences of Electing to Sue === | ||