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  1. #1
    Join Date
    Jun 2015
    Posts
    14

    Default 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,

  2. #2
    Join Date
    Mar 2013
    Posts
    18,340

    Default Re: Farm Tractor Repossession

    Quote Quoting horses2
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    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
    View Post
    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.

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