First Bank repossessed Bob's television after he missed his last two $50 payments on it.He came to the bank with the $100 plus service charges and expenses of repossession.The bank will have to give him the television as long as they have not disposed of the television or have not made a contract to sell it.

Question

Quizplus · Accepted Answer

If Bob pays the overdue amount and any additional charges before the bank has sold or contracted to sell the repossessed television, he can reclaim it. This is typically known as the right of redemption.

First Bank Repossessed Bob's Television After He Missed His Last