• FreeAdvice has a new Terms of Service and Privacy Policy, effective May 25, 2018.
    By continuing to use this site, you are consenting to our Terms of Service and use of cookies.

How to Go About Repossession

Accident - Bankruptcy - Criminal Law / DUI - Business - Consumer - Employment - Family - Immigration - Real Estate - Tax - Traffic - Wills   Please click a topic or scroll down for more.

mrw142

Junior Member
What is the name of your state? I'm in Minnesota, they're in New Mexico

I'm a general business practice attorney in Minnesota. My employer sold a product of ours to a company in New Mexico. The customer hasn't kept up with the payments. The product is a very heavy piece of business equipment that would require a couple days to prepare to move, it was leased and there is a UCC filing on it.

I've been given the order from on high to oversee getting the thing picked up. What's the best course of action to recover and repossess this asset? (As you may have guessed, I've never done one of these before.) I know that the law generally allows for a simple pick up if there will be no BP created, and the customer has already said "If you want to pick the thing up, I won't stop you", but I don't want to order our truck sent all the way down there at great expense with a customer who can have a change of heart on a moment's notice.

Do we file an action with the district courts down there in NM, and if so, what? Do we request the presence of the Sheriff after presenting evidence of the delinquency and the UCC filing on the equipment?

I just want to know the cleanest way of doing this, if anyone has experience or knowledge about repossessing assets that are too big to hire a repo man to retrieve.

Thanks in advance!
 
Last edited:


tijerin

Member
Why not hire a local company (not a repo) with the equipment to actually take possession of the equipment, then tack that expense onto the amount owed when you eventually sell the equipment again and sue him for any deficiency? Then, after the equipment is in the possession of a party friendly to YOU, figure out what to do with it. You may get lucky and be able to sell/dispose of the equipment in the state that it's in saving you the cost of returning it to the state YOU'RE in. Either way, your cause of action is breach but I would check with local law enforcement as to the "correct" way to repo in regards to their state laws.
 
Last edited:

Find the Right Lawyer for Your Legal Issue!

Fast, Free, and Confidential
data-ad-format="auto">
Top