Legal Question in Credit and Debt Law in Wisconsin

As the owe saying goes, possession is 9/10th's of the law. When you surrendered your property to the possession to a creditor, you more or less invited him to hold it as security for the debt. While it won't be fully "legal" until a judge rules that it is, the only way to get a judge to rule on anything is via the formal litigation process, and your friend is likely to make a counterclaim during the same process, for the debt that you owe to him. The end result of such litigation would be that he probably gets paid first, before he has to surrender anything back to you.

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