Virginia Liquidation Agreement regarding Debtor's Collateral in Satisfaction of Indebtedness

State:
Multi-State
Control #:
US-00769BG
Format:
Word; 
Rich Text
Instant download

Description

This form deals with a situation where a Lender and Debtor have previously entered into a Promissory Note and Security Agreement and the Debtor has defaulted under the Note and Security Agreement for failure to make timely payments. Pursuant to this Agreement, Lender has agreed to forbear for a limited time from immediately enforcing its rights against the Collateral to permit the Debtor a short period of time to repay the debt and liquidate the Collateral.
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  • Preview Liquidation Agreement regarding Debtor's Collateral in Satisfaction of Indebtedness
  • Preview Liquidation Agreement regarding Debtor's Collateral in Satisfaction of Indebtedness
  • Preview Liquidation Agreement regarding Debtor's Collateral in Satisfaction of Indebtedness
  • Preview Liquidation Agreement regarding Debtor's Collateral in Satisfaction of Indebtedness
  • Preview Liquidation Agreement regarding Debtor's Collateral in Satisfaction of Indebtedness
  • Preview Liquidation Agreement regarding Debtor's Collateral in Satisfaction of Indebtedness
  • Preview Liquidation Agreement regarding Debtor's Collateral in Satisfaction of Indebtedness
  • Preview Liquidation Agreement regarding Debtor's Collateral in Satisfaction of Indebtedness

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FAQ

If John demands Bob return the lawn mower but Bob refuses to hand it over, John will have a claim in detinue.

A civil action in a general district court may be brought by warrant directed to the sheriff or to any other person authorized to serve process in such county or city, requiring the person against whom the claim is asserted to appear before the court on a certain day, not exceeding sixty days from the date of service ...

Detinue is a legal action that is most often utilized when a person has possession of property that they should not have, such as when they default on a loan. Replevin allows the seizure of property by law enforcement. Detinue provides for the return of the property by the party who has it unlawfully.

A proceeding in detinue to recover personal property unlawfully withheld from the plaintiff may be brought on a warrant or motion for judgment if pretrial seizure is not sought at the time of filing.

1. : a common-law action for the recovery of a personal chattel wrongfully detained or of its value. 2. : detention of something due. especially : the unlawful detention of a personal chattel from another.

That document is then taken to the General District Court in the county that the case will be heard. After a creditor files a Warrant in Debt in the court, you must be given notice. Most often defendants are served with the notice in two ways: personal service or posted service.

A writ of detinue is a legal document used to recover personal property that has been wrongfully taken by someone else. It is a type of lawsuit that allows a person who has the right to possess certain goods to sue someone who is currently in possession of those goods but refuses to return them.

A warrant in debt is the paper you get when a bill collector is suing you in the Virginia General District Court. ?Warrant? might sound like it's a criminal law problem. It's not: you can't go to jail; but if you ignore it, your pay and bank account can get garnished.

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Virginia Liquidation Agreement regarding Debtor's Collateral in Satisfaction of Indebtedness