Legal Question in Credit and Debt Law in Missouri
Can I Reposses
I sold a vehicle to a friend he was to put my name on title as leinholder which he failed to do. I have a signed note to the terms of payment. He is currently 2 months behind. Can I legally go get the vehicle?
1 Answer from Attorneys
Re: Can I Reposses
The simple answer to your question would be "No."
From the information you have provided it appears that you do not have any legal security interest in the vehicle. If you had the borrower sign a security agreement when he signed the note on the loan, you would be in a better position. However, under the circumstances, you can still file suit against him unpon the note if he is in breach of its terms. Then, once you obtain a Judgment in court you would be able to have the sheriff execute on your Judgment and seize the car for sale at a sheriff's auction. Any money left after payment of costs would be applied against your Judgment. If you are not represented by legal counsel and require assistance, please feel free to call me at 314-727-2822.
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