Are finance companies allowed to repossess items that they do not have serial numbers for and what happens about the items I don’t have anymore?
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Are finance companies allowed to repossess items that they do not have serial numbers for and what happens about the items I don’t have anymore?
I have too many finance companies right now. I am having trouble paying them all. I know they can file a legal claim on me when I am in default. I have used household items as collateral for these loans. I have had most of these loans for years and I just keep refinancing them. When I first got the loan they asked me for household items and the serial numbers to them. But when I refinance and they ask for 1 piece of personal property to add to the loan they don’t ask for serial numbers or even brand names. Most of the items I gave them when the loan was brand new I don’t have anymore.
Asked on September 18, 2012 under Bankruptcy Law, South Carolina
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 11 years ago | Contributor
Under the laws of all states in this country if the security for a loan is adequately described then that is all that is necessary for an security agreement to be valiud. Actual serial numbers for the secured item are preferred but such is not mandated.
If you no longe possess the secured item, you are in breach of the security agreement and the loan is due and payable immediately under most documents that I have seen on the subject.
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