Serhiy Radko, an attorney advocating for the Freedom of Choice automotive movement, noted that the owner does not need to be present for the vehicle to be moved. In salvage operations or other legal actions, a bailiff can authorize loading the car onto a tow truck and transferring it to a secured parking lot even if the owner is away. This process helps ensure recovery steps are executed and collateral rights are preserved under the law.
Leasing companies retain the ability to block a vehicle remotely and arrange seizure if payments are not made. Banks may also exercise this option under specific contractual conditions, leveraging the loan agreement to protect their interests and recover funds through the vehicle as collateral.
“The loan agreement includes certain obligations, including collateral provisions. If the contract specifies the transfer of collateral to the pledgee bank upon non-payment, that scenario is legally permitted,” stated the attorney, highlighting how credit arrangements can legally secure repayment through collateral enforcement.
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Participants are invited to engage in the Behind the Wheel Grand Prix voting to help identify the year’s standout car novelties. The event gathers opinions from readers who follow the latest in automotive developments and innovations.
As a token of appreciation for their time, three prizes will be awarded to survey respondents. Eligible entrants who complete the questionnaire will be considered, with timing noted for a specified period to ensure fair participation.
COMPLETE THE 2023 DRIVING GRAND PRIX QUESTIONNAIRE
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