If I hold a promissory note secured with the collateral of a vehicle that has been defaulted on, can I go collect the vehicle?
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If I hold a promissory note secured with the collateral of a vehicle that has been defaulted on, can I go collect the vehicle?
How do I collect tyne collateral from a promissory note that has been defaulted? Can I go get the vehicle now.
Asked on July 3, 2012 under Bankruptcy Law, Arizona
Answers:
Anne Brady / Law Office of Anne Brady
Answered 11 years ago | Contributor
In Arizona, there are state laws governing the perfecting of a security interest in an automobile. You must perfect your security interest before you can seize the car. There is a very detailed process for doing this. The law used to be altogether under one statute (former ARS 28-325) but no longer. The current ARS 28-2135 refers the individual looking to perfect a security interest to the Uniform Commercial Code, portions of which have been adopted as Arizona law under Title 47. In partiicular, ARS 47-9303 deals with perfecting a security interest in goods with a certificate of title. Title 47, Chapter 9, Article 5 lists all the filing rules. All the Arizona Statutes are available online at www.azleg.gov.
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