Legal Question in Credit and Debt Law in Florida

Personal Property Loan Default

I sold my business equipment and am allowing the buyer to make monthly payments. The contract states the property can be repossessed if monthly payment is not made. He had been late on each payment and has yet to make the most recent payment. How do I declare him in default of the contract and take back the equipment?


Asked on 6/02/08, 9:25 pm

1 Answer from Attorneys
Brent Rose The Orsini & Rose Law Firm

Re: Personal Property Loan Default

Unless your contract says otherwise, default is automatic when a payment is late and you don't accept the late payment. If your contract says you may repossess the equipment, you can repossess it. If your contract doesn't say you can repossess the equipment, you'll have to get a writ of repossession or some other type of court order allowing you to get the property.

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Answered on 6/03/08, 12:21 am


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