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- When repossessing an automobile, the creditor is subject to the requirements set out in the Uniform Commercial Code, Ohio Revised Code Sections 1309.601 to 1309.709. See especially:
- R.C. 1309.609: A secured creditor may take possession of an automobile or other loan collateral without a court proceeding if it acts without breach of the peace.
- R.C. 1309.610: The secured creditor can sell or otherwise dispose the automobile, if the disposal is performed in a commercially reasonable manner.
- R.C. 1309.611, 1309.612, 1309.614: After the debtor defaults on the loan, and before the car is sold, the creditor must notify the debtor that it intends to sell or otherwise dispose of the car.
- R.C. 1309.624: The debtor may waive notice.
- R.C. 1309.615, 1309.616: Discusses what happens if the amount received from the sale of the auto is more or less than the amount of the debt.
- R.C. 1309.623: A debtor can get the automobile back before the creditor disposes of it or enters into a contract for its disposition, if the debtor pays off the loan plus reasonable expenses and attorney's fees.
- R.C. 1309.625: Lists debtor's remedies if the creditor does not comply with the Revised Code.
- The above statutes were recently enacted and went into effect on June 21, 2001. For a legislative service commission analysis of the statute enacting these changes See: LSC Analysis: 124 Senate Bill 74 starting at page 82.
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May 21, 1999 -