Real property is generally subject to a cause of action known as foreclosure. Repossession also generally does not apply to real property. The debtor was also awarded $1,200,000 in damages from the bank involved. Sanchez (1992), 836 S.W.2d 151, where a repossession agent towed away a car even after the loanee locked herself in it, the court decided that this was an unlawful breach of the peace and declared the repossession invalid. This requirement not to breach the peace includes even if the breach is caused by the debtor objecting to or resisting the repossession. When a provision of law requires when repossession takes place, the lien holder has a non-delegatable obligation not to cause a Breach of the Peace (which is synonymous with disturbing the peace) in performing the repossession or the repossession will be reversed, and the party ordering the repossession will be liable for damages (or the lienholder will be held responsible). In most jurisdictions outside of the U.S., self-help is limited to real estate, and otherwise the right of possession can only be enforced by a court or other official agents. The existence and handling of repossessions varies greatly between jurisdictions. The lender/creditor is known as the lienholder.
The security interest over the collateral is often known as a lien. When a lender cannot find the collateral, cannot peacefully obtain it through self-help repossession, or the jurisdiction does not allow self-help repossession, the alternative legal remedy to order the borrower to return the goods (prior to judgment) is replevin. The extent to which repossession is authorized, and how it may be executed, greatly varies in different jurisdictions (see below). The property may then be sold by either the financial institution or third party sellers. Repossession, colloquially repo, is a " self-help" type of action, mainly in the United States, in which the party having right of ownership of the property in question takes the property back from the party having right of possession without invoking court proceedings. ( Learn how and when to remove this template message) JSTOR ( November 2021) ( Learn how and when to remove this template message).
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