Substitution Of Collateral Auto Form With 2 Points
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How to fill out Tennessee Release And Substitution Of Collateral?
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FAQ
The motion to substitute collateral allows the debtor to purchase a new vehicle with the insurance proceeds and the secured lender takes a lien on the new collateral for the amount owed.
Substitution of collateral can be used to free one property from use as collateral. The holder of the note will have to agree to allow the release of property #1 and put property #2 in its place as collateral.
A collateral exchange refers to one vehicle being substituted for another vehicle for a customer. In most states, this agreement does not change any other aspect of the original Retail Installment Contract. Also, any payment history on the previous vehicle remains the same.
Under paragraph 10.2 of the confirmed Chapter 13 Plan (doc. __), Debtor has the option of substituting collateral by purchasing a replacement vehicle. Debtor states that the Substitute Collateral has a value equal to or greater than the balance currently owed to the Creditor on its allowed secured claim.
Collateral substitutes are defined as non-physical assets with or without market value, or physical assets that have some qualities similar to collateral that can be used to enforce loan repayments.