What is the name of your state?CA
I was hoping to get a sample of the verbiage that would be included in a Repossession Clause. Specifically, a Promissory Note was signed for the borrowing of a sum of money. A vehicle, which has no other leins against it, was used as collateral. As I read the promissory note, it does not appear to have a repossession clause. However, since I am not a lawyer, I am not sure if there is some legal-ease used in the note which implies the right to repossess the collateral if the note is in default.
The borrower lives in CA, but the lender lives, and drew up the note, in NV. And, only the borrower's signature is on the note.
Regards,
I was hoping to get a sample of the verbiage that would be included in a Repossession Clause. Specifically, a Promissory Note was signed for the borrowing of a sum of money. A vehicle, which has no other leins against it, was used as collateral. As I read the promissory note, it does not appear to have a repossession clause. However, since I am not a lawyer, I am not sure if there is some legal-ease used in the note which implies the right to repossess the collateral if the note is in default.
The borrower lives in CA, but the lender lives, and drew up the note, in NV. And, only the borrower's signature is on the note.
Regards,