Before advancing a deferred payment or loan, let Turnbull Associates review your legal documents to ensure they are worded properly. Our review can help protect your business decisions when offering deferred payment(s) options and loans for assets. When made through our agencies we can take legal action at a later date if the default of payment occurs.
Turnbull Associates have the online tools direct to the Appropriate Government Agencies to apply appropriate legal liens under the “Repair Liens and Storage Act” or Registering a loan under the “Personal Property Security Act”.
Repair Lien and Storage Act
If you are in possession of a vehicle, boat, or other assets you require the name of the owner, their address when left, and an invoice outlining the work done, the date left to proceed with obtaining payment or ownership.
Repair and Release – Where work has been made on a vehicle or other asset and you have released the asset with a verbal promise to pay by the customer. Under the Repair Lien and Storage Act, we require a copy of a signed work order with a full description of the asset including the Make, Model, Year, and Serial Number to take possession of the asset. The asset must still be in the name of the customer since the repair was made.
Non-Payment of a Loan
To recover assets that you have loaned money for, you require a “Legal Document” with all of the purchaser’s information, preferably with a copy of some identifying information (Drivers License, etc.) description outlining the asset, “Make”, Model”, “Year”, Serial Number (if applicable)”, and any other information that outlines the asset(s) the loan is for.
A registered Lien under the Personal Property Security Act or registered Lien will offer protection against the asset being sold before the asset is paid for. Either of these must be in place for legal action to proceed.