Replevin
If you ever find yourself in the unfortunate position of needing to retrieve vehicles, equipment, or any personal property in California, the replevin is a very useful tool to keep in mind. Following the procedural requirements in your jurisdiction, you may be able to retrieve property quickly.
The Process
A lawsuit is filed against your borrower and guarantor seeking possession of your collateral, and the full balance owed according to your contract. At the same time, we file an Application for a Prejudgment Writ of Possession. All that is then served to your borrower. A hearing is held where the Judge Orders your borrower to return the collateral to you (the “turnover order”). The clerk then issues a Writ of Possession, which we send to the sheriff, who goes to your borrower’s home or place of business and retrieves the collateral. The sheriff holds the collateral for 10 days, then provides it to you. At that point, you are free to auction or sell it in whatever commercially reasonable method you employ. The remainder of the lawsuit is resolved in the ordinary fashion, leading to a judgment in your favor for the entire balance owed, less the net proceeds of the sale of the collateral.
Should you have any questions or need more information, contact us today.
