Rights on reposessing property

[spawn_x]

What is the name of your state? California

This is a hypothetical question that arised from watching a reposession TV show..

I assume the bank or loaner has the right to reposess the property, but what right does one have to keep it?

I've never seen police involved in cases like these, so does it mean its not illegal? If someone were to keep / hide whatever they have, and the repo guys could never located, could charges be filed?

Just curious as to why the banks and what not look for help from the repo guys instead of police..

Thanks.

 

[hexeliebe]

The police are not involved because repossession is a contractural/civil matter.

The reason banks and whatnot hire repo companies is the same reason you hire a diesel mechanic to work on your Mack and an engineer to work on your Formula I race car.

These guys are specialists who know the laws of their jurisdiction regarding repossession (or are assumed to know) as for bank officials who are financial specialists.

By the way, if you try hiding the asset and are discovered, you could be liable for criminal penalties. Then the police could become involved.

 

[anadude]

what's with all these folks wanting to conceal stuff that may not even be there's, hmmmm?

 

[spawn_x]

anadude, its a tv show, you should check it out once.. pretty cool.

hexeliebe, thanks for the reply.