Timeline for Word for banks and other institutions taking possession of your assets because you didn't comply with the contract
Current License: CC BY-SA 4.0
4 events
| when toggle format | what | by | license | comment | |
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| Nov 15, 2020 at 1:43 | comment | added | BoldBen | The option you do not have, and which the OP specifically mentioned, is where you put up a valuable asset which you own outright as security for a loan which is not a mortgage. In this case the bank can't foreclose on the asset because the loan us not a mortgage. Also it can't repossess the item since it never possessed it in the first place. The process by which a financial institution takes possession of an asset so that they can sell it and recover the unpaid money is, in the UK at least, called seizure and the asset is said to be seized by the institution. | |
| Nov 14, 2020 at 21:41 | vote | accept | rubiks28 | ||
| Nov 14, 2020 at 21:37 | history | edited | Cascabel_StandWithUkraine_ | CC BY-SA 4.0 |
added 147 characters in body
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| Nov 14, 2020 at 21:31 | history | answered | Cascabel_StandWithUkraine_ | CC BY-SA 4.0 |