Collateral may only be repossessed after going through a court with the creditor using available legal processes.

Name: Collateral may only be repossessed after going through a court with the creditor using available legal processes.
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Question

Quizplus · Accepted Answer

Collateral can often be repossessed by the creditor without going through a court process, especially in cases of secured loans where the borrower has agreed to allow repossession in the event of default.

Collateral May Only Be Repossessed After Going Through a Court