Farm Tractor Repossession
My question involves a consumer law issue in the State of: Maryland
can a company (tractor company finance arm), repossess a tractor without giving any notice? while there is a late payment due, there was no notice about intent to repossess. Also, in Maryland is there a requirement that the lender allow a reinstatement? curious since this is not a car.
thanks,
Re: Farm Tractor Repossession
Quote:
Quoting
horses2
can a company (tractor company finance arm), repossess a tractor without giving any notice? while there is a late payment due, there was no notice about intent to repossess.
Looks like a notice of intent to repossess is discretionary and not mandatory.
Maryland statute 12-1021(c)(1) At least 10 days before a credit grantor repossesses any tangible personal property, the credit grantor may serve a written notice on the consumer borrower of the intention to repossess the tangible personal property.
Note the emphasis on the word "may." That means the lender has the option but not the obligation.
http://law.justia.com/codes/maryland...ction-12-1021/
Besides, your notice was in your loan contract. Didn't it say that the item could be repossessed if you didn't pay? Read it.
Quote:
Quoting
horses2
Also, in Maryland is there a requirement that the lender allow a reinstatement?
Yes.
Same statute, paragraphs (e) through (h), explains your right of "redemption."
However, I suggest you study the entire statute and learn all of the procedures.