What are the repo laws in NYC?

Answer by  patti (29325)

New York law says that a lender/seller may take possession of secured goods, on default, without going to court. The creditor can remove the goods or render them unusable. No notice is required. Default is defined in the contract between the buyer/seller. Until the goods are sold, you can pay the debt and have the goods returned.

Answer by  patti (29325)

Property can be repossessed, without a court order, if the contract is defaulted. "Default" can be failure to pay, failure to insure, debtor bankruptcy or death, refusal to allow the property to be inspected. The creditor can repossess at any time, but may not "breach the peace. "

Answer by  zombieguy (986)

In New York state, a seller or lender is allowed to repossess goods on default (as defined in your contract) without contacting the court, without notice, and at their discretion.

Answer by  patti (29325)

Property can be repossessed without notice if you fail to meet the agreement of the contract, whether that means one missed payment or three, misuse or any other failure on your part to abide the agreement.

Answer by  LegalGuy (71)

Pretty much, if you are renting something, or filling out a loan for someone. They own that property, and they can legally come take it if they see so fit.