In a scenario, you have lost your jobs, and are having trouble making a repayments under a conditional sales agreement, and there is still $1,000 owing on the loan(total loan amount is 6000$) . If you don't make the payments, can the company seize the goods? Why or why not?

in the situation above (a PMSI)does the creditor has the right to seize the asset even if a borrower defaults on a credit agreement when the outstanding balanceor cash price owingis less than25% of the total of the amounts advanced under the agreement. Or the creditor can seize it because they always has the title of the asset since it is a PMSI ?

Answer rating: 100% (QA)

The legal analysis of the situation you described depends on the jurisdiction and the specific terms of the conditional sales agreement However I can ... View the full answer