Legal Question in Credit and Debt Law in Tennessee

collateral

when surrendering collateral does that make the debt in which the collateral was for no longer owed. can you still be sued for the balance of the loan when the collateral is already surrendered


Asked on 4/08/06, 5:36 pm

1 Answer from Attorneys
LAURA TEK LAW OFFICE OF LAURA TEK

Re: collateral

YES, YOU CAN BE SUED ON ANY DEFICIENCY BALANCE OWED EVEN THOUGH YOU HAVE GIVEN BACK THE COLLATERAL. IT HAPPENS ALL THE TIME, PARTICULARLY WITH CARS, Mobile homes, etc.

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Answered on 4/09/06, 3:50 pm


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