Puerto Rico Liquidation Agreement regarding Debtor's Collateral in Satisfaction of Indebtedness
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How to fill out Liquidation Agreement Regarding Debtor's Collateral In Satisfaction Of Indebtedness?
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FAQ
The debtor must have some legal right in the collateral or ownership interest. This can be a present or future interest in the property. Sellers of durable goods (refrigerators, computers, etc) often extent credit on part or all of the purchase price of the goods.
A bankruptcy discharge releases the debtor from personal liability for certain specified types of debts. In other words, the debtor is no longer legally required to pay any debts that are discharged.
Creditor's rights can refer to many different aspects of creditor-debtor and creditor-creditor relations including a creditor's rights to place a lien on a debtor's property, garnish a debtor's wages, set aside a fraudulent conveyance, and contact the debtor and relatives.
Secured creditors, often a bank or mortgage company, have a legal right to reclaim the property, such as a car or home, used as collateral for a loan, often through a lien or repossession.
Secured debt Debt backed by a mortgage, pledge of collateral, or other lien; debt for which the creditor has the right to pursue specific pledged property upon default.
What is the Puerto Rico statute of limitations on collecting HOA debt? 4 years. The statute of limitations periods for HOA claims are different for every state. In Puerto Rico, consumer debt such as HOA & Condo fees have a statute of limitations of 4 years.
The more typical situation is that the creditor repossesses the collateral and then either auctions it off (sale) or keeps it in satisfaction of the debt (strict foreclosure). In the former situation, the creditor may then proceed against the debtor for the deficiency.
Secured creditors are first in line, as their claims over assets are often secured by collateral and a contract. Some assets may have multiple liens placed upon them; in these cases, the first lien has priority over the second lien.
