Security Interests:
Shown on title held by lienholder.
Recording Requirements:
Per the Uniform Commercial Code (UCC) adopted in January, 1967, must be recorded with Clerk of Circuit Court where property is first located.
Recovery Requirements:
As per the UCC, repossession is allowed and permitted as long as it is peaceful.
Redemption Requirements:
Debtor can redeem only prior to sale or foreclosure by payment of entire balance.
Deficiency Requirements:
Confession of judgment invalid in foreclosure proceedings. Court can enter deficiency judgment.
Special Motor Vehicle Provisions:
Sworn notice of lien must be filed with Commissioner of Motor Vehicles and will appear on title in lieu of general recording statute.
Documents Required to Transfer Ownership of Motor Vehicle:
Title must be reduced to lienholder's name.
Documents Required for Liquidation:
All titles must be converted to lienholder's name. Some out of state repossession affidavits are accepted..
Plates:
Remain with the owner / debtor.
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Submitted 485 days ago...
This would depend on what state you live in. Currently there are only two licensed states: Florida and Califonia
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