The Seizure Of A Tractor Is Governed By A Stringent Legal Framework
The seizure of a tractor is governed by a stringent legal framework. Lenders must adhere to the specific protocols outlined in the loan agreement and state laws. Generally, the process begins with the issuance of a default notice to the borrower, detailing the missed payments and the imminent risk of repossession. If the borrower fails to rectify the situation, the lender can proceed with the seizure, often involving court orders and the assistance of law enforcement.
