Motion to Avoid Nonpossessory Nonpurchase-Money Security Interest — Passive Notice (also known as "Passive Motion to Avoid") is a legal motion that requests a court to set aside a security interest based on a creditor's failure to provide the debtor with proper notice of the security interest. This motion can be filed by a debtor who has had a security interest placed on their property without their knowledge or consent. The motion requests that the court invalidate the security interest and restore the debtor's full rights to the property. There are two types of Passive Motion to Avoid: 1) Motion to Avoid Nonpossessory Security Interests and 2) Motion to Avoid Nonpurchase-Money Security Interests. Both motions require the same basic elements: 1) Proof that the debtor was not given proper notice of the security interest, 2) Evidence that the security interest was not a purchase-money security interest, and 3) Evidence that the security interest was nonpossessory.
Motion to avoid nonpossessory nonpurchase-money security interest - passive notice
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FAQ
A quick definition of non-purchase-money: Non-purchase-money refers to a type of loan that is not secured by property obtained through the loan. This means that the loan is not used to purchase the property that is being used as collateral.
With a non-possessory security interest, the debtor maintains possession of the collateral. Most security interests are non-possessory because a debtor usually wants to use the property being used as collateral.
A car loan can be an example of a PMSI situation. A financial institution may agree to lend money to a borrower to finance the purchase of a new car. The bank can register its interest in the car as a PMSI because the loan funds are being directly used to buy the property they want a secured interest in.
What is Non-Purchase Money Security Interest? A security interest in which the property is already owned by the debtor and is put up as security for a loan. This kind of lien is subject to elimination in a bankruptcy proceeding.
A purchase money security interest (PMSI) is an exception to the first-in-time rule. It gives secured creditors who meet its requirements a special advantage to jump ahead in line of other creditors with respect to certain collateral.
One such term is the non-possesory, non-purchase money security interest. This is a very long and complicated-sounding term that basically means that a debt is secured by property you already owned when you made the loan.