Car lenders in Missouri can repossess a car, try to sell it and then collect the difference between the sale price and remaining loan balance, according to Nolo. Lenders can repossess a car without a court order in Missouri, notes attorney Douglas B. Breyfogle.Know More
Before a car loan company takes a vehicle in repossession, it must notify the owner. Licensed repossessors cannot take a car without breaching the peace, which means someone can't forcibly take the vehicle or threaten someone before taking the vehicle, according to Breyfogle.
Lenders can keep the car or sell it at an auction. An owner can keep the car by paying the entire balance of the loan, bringing the loan current and getting the financing reinstated, purchasing the car at an auction, or filing for bankruptcy protection, notes Breyfogle. Lenders don't have to reinstate the loan after the borrower becomes current. If lenders auction the car, an owner can buy it back but still must pay the difference between the sale price and the loan balance. This difference is called the deficiency. If someone files for bankruptcy, collection and repossession procedures will stop until the court decides what to do with the vehicle.
In Missouri, owners have 21 days to cure the deficit of a loan before a repossession takes place and after the lender issues a Right to Cure letter, according to Midwest Lenders Services. License plates remain with the debtor once a vehicle is repossessed.Learn More
According to the University of Louisiana at Lafayette, natural law refers to those laws that derive their legitimacy from moral reasoning and are based on what is believed to serve the best interests of the common good while positive laws are those that obtain their legitimacy through legislative means and are enforced by civil or political authority. Based on a strict interpretation of natural law, any legal statute that conflicts with natural law is unjust and should not be obeyed. According to positive legal theory, the legitimacy of a law is not relevant to its morality, but rather stems from the power of the authority that enacted it.Full Answer >
A personal loan agreement should cover in detail how much money is being loaned, whether any interest is being charged, and when the loan balance is due to be repaid, along with the applicable payment schedule if the money is due to be repaid in installments, according to Nolo. This type of agreement is often called a promissory note. Though a loan agreement that has been properly signed by all parties involved is typically considered a binding legal document in all states, getting it notarized may be a good choice for added protection.Full Answer >
Missouri became the 24th U.S state on Aug. 10, 1821. The capital city was first located in Saint Charles before it was moved to Jefferson City in 1926. Missouri was the first state to lie entirely to the west of the Mississippi River.Full Answer >
A probation revocation hearing occurs when someone serving a probation sentence violates the terms of the probation, according to Nolo. This hearing determines if the probationer violated the terms of probation. In some cases, it's also when a sentence is issued if the probationer did violate the probation terms.Full Answer >