What are the rights of a secured creditor?

What are the rights of a secured creditor? | McCorvey Law and Mediation, PLLC | Zealous advocacy. Sensible solutions. | http://www.mccorveylegal.com/ | John H. McCorvey, Jr. | Attorney at Law | Florida Supreme Court Certified Circuit Civil Mediator | 301 W. Bay Street, Suite 1458, Jacksonville, Florida 32202 | 904-329-7237

A secured creditor essentially posses the right to obtain the collateral to sell it or liquidate it to satisfy the debt. If the secured creditor is a mortgagee obviously the secured creditor has the right to foreclose the mortgage. If the secured creditor posses a security interest in personal property there are multiple options under the uniform commercial code. First the secured creditor can simply repossess the personal property if he can do so peaceably. That is often difficult so probably the more common scenario is for the secured creditor to file a court action called a replevin action to obtain possession of the personal property. Finally the secured creditor has the same option as the lender, or mortgagee rather, in that it can foreclose on the personal property.