LEGL-260 Lecture Notes - Lecture 8: Down Payment, Security Interest, Accounts Receivable
19 Mar 2018
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You can seize and sue: exceptions for pmsi"s, seize or sue. "seize or sue" is misleading: once you seize, you lose the right to sue, suing does not eliminate the right to seize. You cannot demand payment at all: plaintiff"s claim for the nsf cheque cannot be maintained. To summarize: general rule for security agreements and pmsi"s is the creditor can seize and sue for deficiency. Chattels real: interest in land, that is short of full ownership. Chattels personal: property that is not an interest in land. Proceedings: in seizures of secured property you don"t provide a "notice of. Objection", because there is no right to object. Instructions to agency: agency conducts search, agency prepares and assigns file, bailiff acts and seizure occurs, agency registers notice of seizure at ppr. If the creditor doesn"t take possession of the property upon seizure: bailiff provides a "notice of intention to release" giving a deadline for the creditor to take possession.
