Collateral seizure after bankruptcy discharge
I have two items that were collateral for accounts I filed bankruptcy on.It has been a month since the discharge, and I haven't heard from either company on siezure of the property. Is there a time limit on collection of collateral?
Asked on 8/14/03, 5:47 pm
1 Answer from Attorneys
Noel Snyder
Law Office of Noel Snyder
Re: Collateral seizure after bankruptcy discharge
The UCC article 9 does not impose any limitation on when a secure creditor can exercise their right of possession after default. The creditor can take possession without judicial action if that can be done without a breach of the peace. Depending on the nature of the collateral it may be more costly for the creditor to take possession than the collateral is worth. You could try sending a letter to the creditor indicating that if they don't take possession of the collateral within 30 days you will consider the property abandon.
Answered on 8/15/03, 4:10 pm
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