A business engaged in debt collection activities must navigate a minefield of legal requirements for contacting debtors and repossessing assets. In the Essentials of Collection Law course, we address these issues, including sales contract requirements, the various laws pertaining to collections, security interests in personal property, vehicle repossessions, reclaiming assets from a bankrupt debtor, and much more.
Learning Objectives
Upon successful completion of this course, participants will be able to:
State the circumstances under which a sales contract is formed.
Specify the rule under which an irrevocable offer is created.
Recall the point at which a seller can demand the return of goods from a buyer.
Specify when a buyer is assumed to have accepted delivered goods.
Specify the details of the various laws impacting the collection process.
Recall how a mechanic's lien works.
Recall the legal process for seizing a borrower's property.
Specify the process for creating a security interest in personal property.
Identify the rule for billing a debtor for a bounced check.
Specify the rules pertaining to the repossession of a vehicle.
Recall the advance preparation steps for collection litigation.
Specify the bankruptcy chapter under which an individual reorganizes his or her personal finances.
Identify the responsibilities of a creditor's committee.
Recall the requirements for an involuntary bankruptcy filing.
Specify the priority for payouts in a bankruptcy filing.
Identify the test needed to qualify for a Chapter 7 bankruptcy filing.
Major Topics
Sales Contracts
Collection Laws
Credit Transactions
Legal Issues Associated with Collection Activities
The Collection Lawsuit
Dealing with a Debtor Bankruptcy
