California Business and Professions Code 7507.12 – (a) With regard to collateral subject to registration under the …
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(a) With regard to collateral subject to registration under the Vehicle Code, a repossession is complete if any of the following occurs:
(1) The repossessor gains entry to the collateral.
Terms Used In California Business and Professions Code 7507.12
- Collateral: means any specific vehicle, trailer, boat, recreational vehicle, motor home, appliance, or other property that is subject to a security agreement. See California Business and Professions Code 7500.1
- Legal owner: means a person holding any of the following:
California Business and Professions Code 7500.1
- Person: includes any individual, partnership, limited liability company, or corporation. See California Business and Professions Code 7500.1
- Repossession: means any of the following:
California Business and Professions Code 7500.1
(2) The collateral becomes connected to a tow truck or the repossessor’s tow vehicle, as those terms are defined in § 615 of the Vehicle Code.
(3) The repossessor moves the entire collateral present.
(4) The repossessor gains control of the collateral.
(b) No person other than the legal owner may direct a repossessor to release a vehicle without legal authority to do so.
(Amended by Stats. 2013, Ch. 340, Sec. 4. (AB 791) Effective January 1, 2014.)