Legal Question in Credit and Debt Law in Texas

Bank placing lean on property even though properity was not in agreement for col

The bank my vehicle was financed through is threating to put a lean on my properity that is paid for. I have lost my job and do not have the money to pay for my vehicle and want them to repossess it. The bank states that they do not want the vehicle and will put a lean against my properity if I do not give them their money. I never agree to use my properity for collateral and neither is there any kind of an agreement on using my properity for collateral. Can the bank put a lean on my properity and is the vehicle the collateral.


Asked on 10/14/04, 4:19 pm

1 Answer from Attorneys
Peter Bradie Bradie, Bradie & Bradie

Re: Bank placing lean on property even though properity was not in agreement for

The vehicle is the collateral. Unless your loan documents say that anything you own may be taken and used as collateral, the bank would first have to take judgment against you in order to have a lien on other than the vehicle.

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Answered on 10/15/04, 12:07 pm


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