7-336 - Repossessions

7-336 - Repossessions

  • Summary: Clarifies repossession procedures and restrictions on repossessors committing criminal offenses.
  • Effective Date: 06-24-1988
  • See other versions

Policy

In many commercial transactions, the buyer signs a purchase contract agreeing to a repossession, without judicial process, by the seller if there is a default in the payment. However, the seller cannot commit criminal offenses in order to make a repossession. Sellers should have a copy of purchase contract at the repossession.  

Definitions

Refer to the Commonly Used Terms page for general definitions.


Document History:

Title Effective Date Revision Type Download
7-336 - Repossessions 06-24-1988 download PDF

Revision Types and Descriptions

  • New: Policy had been added.
  • Combined: Two or more policies were merged.
  • Definitions Update: A glossary definition was updated.
  • Terms Update: A term, not necessarily tied to the glossary, was updated in the Manual.
  • Edited - Major: Significant content or procedural changes.
  • Edited - Minor: Small edits, clarifications, or formatting changes.
  • Renamed: Policy title changed.
  • Renumbered: Policy number was changed.
  • Split: Single policy was divided into multiple.
  • Eliminated: Policy was removed and is no longer in effect.
  • PRH Implementation: Edits for the Policy and Resource Hub; no content changes.