For best results, please add a location. A "security interest" is the interest the lender takes in the merchandise you purchase on credit. When you buy on credit, you agree that you will not fail to pay the lender the money you owe. Failing to pay is known as default. The "security interest" is created when you and the lender both sign a security agreement. What the Law SaysNew York law states that a lender or seller may take possession of the secured goods, on default, without going to court. The secured creditor also may, without removing the goods, render such goods unusable. Consumers should be aware of the following provisions of the law: The creditor does not have to give you any notice before coming to take away the goods. Default is defined in the contract signed by you and the seller. Typical events which will trigger default that creditors often insert in such arrangement include the following: failure to pay debts as they become due; failure to insure the goods;

bankruptcy of the debtor; death of the debtor; refusal to allow examination of the goods. The Bureau recommends that you read your agreement carefully and understand all of its terms and conditions before you sign it. It is up to the creditor to decide how and when repossession will be accomplished. The only limitations upon the creditor are that he/she not breach the peace and that he/she proceed in a reasonable manner. After Your Property is Repossessed The secured party (the seller or lender) may sell your property by public auction or private sale. Such sale must be reasonable in terms of the method, manner, time, place and terms. You have the right to be notified of the time and place of a public sale and/or of the time after which a private sale you goods will be made. If you have paid the seller sixty percent (60%) of the cash price for the goods he/she repossesses, or 60% of your loan from a lender, the seller or lender must sell your repossessed goods within 90 days.

If you have paid less than 60% of the amounts due, the creditor does not have to sell the goods and he/she can keep both the goods and your money. velocette motorcycles for sale on ebayWhen your creditor sells your repossessed goods, the money he/she receives goes first to his/her expenses from repossessing and selling the goods, then to satisfaction of the debt. motorcycle dealers in salisbury ncIf there is any money remaining, you will receive it. harley davidson for sale in lancaster caIf your creditor did not receive enough money from the sale, he/she may sue you to make up the difference.motorcycles for sale in lethbridge

Until the creditor sells the goods, you have the right to pay all of yourdebt plus the creditor's expenses in repossessing and preparing to sell the goods (including reasonable legal expenses). harley davidson for sale baliThe creditor must then return the goods to you.tires for bmw r1200r Motor Vehicles and Motorcycles New York law requires a creditor who repossesses your motor vehicle or motorcycle to notify you personally, or by special delivery first class mail, within 24 hours of such repossession. ducati bikes for sale in nepalSuch notice must also be given to the nearest motor vehicle district office and must include the name and address of the person, firm, or corporation repossessing the vehicle. 

If your motor vehicle or motorcycle is being held under a lien for repairs or storage, the holder of the vehicle must return to you any registration plates for such vehicle upon your request within 24 hours. If the creditor fails to do this, he/she must personally deliver or mail by special delivery first class mail, a notice of such holding and the number plates of such motor vehicle or motorcycle to the nearest motor vehicle office. After vehicles are seized because of unpaid parking tickets or camera violations in judgment, they are auctioned off to the public. The owners did not settle their debt, choosing instead to abandon their vehicles. You cannot buy back your own car at an auction. To buy one of these vehicles, you must: Be at least 18 years old Pay for the vehicle in cash as soon as you win the auction Vehicle and Traffic Law Search New York Codes 1. Any person, firm or corporation, or agent, employee or representative thereof, repossessing or retaking a motor vehicle or motorcycle pursuant to the provisions of article nine of the uniform commercial code, or other authority of law, or any contract or agreement, shall, immediately following such repossession or retaking, personally appear at a station house or other office of the police department

, or agency or officer performing like functions, in the locality wherein such repossession or retaking occurred, give notice to such department, agency or officer of such repossession or retaking and thereafter and within twenty-four hours personally deliver or mail by special delivery first class mail to the nearest motor vehicle district office, (a) notice of such repossession or retaking in such form as the commissioner may require and (b) the number plates of such motor vehicle or motorcycle.  Notice of such repossession or retaking, including the name and address of the person, firm or corporation repossessing or retaking the same, shall also be given within twenty-four hours thereof to the owner of such motor vehicle or motorcycle, either personally or by registered or certified mail directed to such owner at his last-known address.  Unless the motor vehicle or motorcycle can be repossessed or retaken without breach of the peace, it shall be repossessed or retaken by legal process, but nothing herein contained shall be construed to authorize a violation of the criminal law.

2. Any person, firm or corporation, or agent, employee or representative thereof holding a motor vehicle or motorcycle under a lien for repairs or storage pursuant to any authority of law, or any contract or agreement shall return any registration plates for such vehicle which are in his possession to the registrant upon the registrant's request, or if not so returned shall, within twenty-four hours after such request, personally deliver or mail by special delivery first class mail to the nearest motor vehicle office (a) notice of such holding in such form as the commissioner may require and (b) the number plates of such motor vehicle or motorcycle. FindLaw Codes are provided courtesy of Thomson Reuters Westlaw, the industry-leading online legal research system. For more detailed codes research information, including annotations and citations, please visit Westlaw. FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.