Asked by Drishana Pillay on Jul 06, 2024
Verified
Friendly Furniture Co.wants to repossess a sofa in Ed's living room,but Ed refuses to allow the repossession crew into his house.Discuss what options Friendly has.
Repossession
The process by which a creditor takes back property or goods from the borrower due to failure to make scheduled payments.
- Analyze legal and practical aspects of repossession, including options available to creditors.
Verified Answer
PA
Pedro ArdiacaJul 08, 2024
Final Answer :
Collateral may be repossessed without going through the court if it can be done without causing a disturbance;otherwise,Friendly Furniture Co.must use legal processes.
Learning Objectives
- Analyze legal and practical aspects of repossession, including options available to creditors.