{"id":8073,"date":"2020-01-03T16:56:28","date_gmt":"2020-01-03T23:56:28","guid":{"rendered":"https:\/\/www.racinelaw.net\/blog\/?p=8073"},"modified":"2020-01-03T16:56:28","modified_gmt":"2020-01-03T23:56:28","slug":"repossession-of-collateral","status":"publish","type":"post","link":"https:\/\/www.racinelaw.net\/blog\/repossession-of-collateral\/","title":{"rendered":"REPOSSESSION OF COLLATERAL"},"content":{"rendered":"<p>By <a href=\"https:\/\/www.racinelaw.net\/stephen-j-muhonen.html\" target=\"_blank\" rel=\"noopener noreferrer\">Stephen J. Muhonen<\/a>, <a href=\"https:\/\/www.racinelaw.net\/collections-foreclosure.html\" target=\"_blank\" rel=\"noopener noreferrer\">Creditor\u2019s Rights<\/a> \/ Collections Attorney, Racine Olson, PLLP<\/p>\n<p>One of the most important priorities for a creditor or lender when entering into a contract with a borrower or debtor is ensuring they have a perfected security interest in the property that is being purchased.\u00a0 The purpose of the security interest is to provide notice to the world of the encumbrance and to allow for recovery of the collateral in the event of default.\u00a0 For real property (homes, land, etc.), this means recording with the county recorder\u2019s office a mortgage or deed of trust.\u00a0 <em>See generally <\/em>Idaho Code \u00a755-811.\u00a0 For motor vehicles this means providing notice of the creditor\u2019s lien by having his\/her\/its name placed on the title. \u00a0<em>See<\/em> Idaho Code \u00a749-510.\u00a0 For the perfection of a security interest in goods, the creditor can file a Uniform Commercial Code (UCC) finance statement per Idaho Code \u00a728-12-501 et. cet.<\/p>\n<p>When it comes to repossession of collateral, as a creditor it is important to keep in mind the terms in the contract.\u00a0 Following and abiding by the express terms of a contract, especially as they relate to notice, default and repossession rights, is critical to enforcement of the contract.\u00a0 Idaho courts are generally inclined to enforce the terms of a contract that is knowingly and voluntarily entered into, even if such enforcement does not seem fair.<\/p>\n<div class=\"read_more_link\"><a href=\"https:\/\/www.racinelaw.net\/blog\/repossession-of-collateral\/\"  title=\"Continue Reading REPOSSESSION OF COLLATERAL\" class=\"more-link\">Continue Reading \u203a<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"<p>By Stephen J. Muhonen, Creditor\u2019s Rights \/ Collections Attorney, Racine Olson, PLLP One of the most important priorities for a creditor or lender when entering into a contract with a borrower or debtor is ensuring they have a perfected security interest in the property that is being purchased.\u00a0 The purpose of the security interest is [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[32],"tags":[],"class_list":["post-8073","post","type-post","status-publish","format-standard","hentry","category-bankruptcy-creditor-rights"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>REPOSSESSION OF COLLATERAL &#8212; Idaho Law Blog &#8212; January 3, 2020<\/title>\n<meta name=\"description\" content=\"By Stephen J. 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