LRC Reports

Deficiency Claims and Repossessions (1972)

This Report focuses on a highly specific aspect of debtor-creditor relationships-the law governing repossession and deficiency claims. The existing law (as of the date of this project) does not adequately serve contemporary social needs and creates situations that may invite abuse by unscrupulous creditors. This project considers recommendations that would, if enacted, effectively limit and regulate remedies available to creditors financing consumer purchases.

Keywords: deficiency; repossession; chattel mortgage; conditional sale; surplus; redemption; seize or sue; sweetheart deal; default; debtor; credit; creditor; debt; security; goods; foreclosure; election; remedy; guarantor; collateral

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