Page 170 - Microsoft Word - NEW 2017 Standard Program.docx

Hold Harmless Agreement: An instrument that provides basic language authorizing
repossession of defaulted collateral and under what conditions the creditor is obligated to
defend the actions of the recovery agency and the Recovery Agent in the event of litigation.

Kidnapping: Forcibly, secretly, or by threat, confining, abducting, or imprisoning another
person against his will and without lawful authority with intent to: 1) hold for ransom;
2) commit a felony; 3) inflict bodily harm; 4) interfere with the performance of any
governmental function. (See Section 3 for further definition)

Key Codes: The specific information needed to fashion keys to open or start motor
vehicles.

Negotiable Title: Title to collateral that can be used to transfer ownership.

Personal Property: In the repossession process, the loose personal items in repossessed
collateral not covered by the Security Agreement.

Recovery Agent: Recovery Agent -- one who is trained and certified in the physical
aspect of self-help repossession activity.

Replevin: A court-approved process for the retaking of defaulted collateral.

Right to Cure Notice: Notice required by some states to be sent to the debtor prior to
repossession.

Secured Party: The actual client; Also referred to as Lender, Lending Institution,
Creditor, or Bank.

Security Agreement: Legal contract between a creditor and a debtor.

Security Enforcer: As defined by the Federal Trade Commission, one who enforces
security interests, i.e. repossessors, collateral Recovery Agents or field Recovery Agents
(Recovery Agent).

Self-Help Repossession: The act of retaking defaulted collateral without the assistance of
the courts or law enforcement. This process allowed in every state with certain statutory
exemptions in some states.

Skip: In the repossession process, any person who cannot be contacted via telephone,
mail or in person.

Skip-tracing: In the repossession process, a specialized art of developing information for
the purpose of locating a debtor who has moved to parts unknown.

Servicemembers Civil Relief Act (formerly Soldiers and Sailors Civil Relief Act):
Historical basis for this federal act was the protection of those called into or volunteering
for active military service.

Page 3
Section 14