Does a lessor need insurance on the leased property? Yes, lessors typically require insurance to protect their property. 5 Who can be a lienholder? Typically a lender or financial institution, but also any creditor with a legal claim. 4 What happens when a lien is paid off? The lienholder...
The lienholder can legally cancel your auto loan andtake back its vehicle through repossessionif the company finds you driving with no insurance on a financed car. ... If you are caught driving without insurance, you could be forced to pay fines, your driver's license may be revoked, and ...
Perhaps the riskiest move a purchaser of real estate can make is to buy without making certain that there are no liens on the property or without obtaining title insurance against liens on the property. In many states liens are secret: that is, they are hidden from the public records until...
A lienholder is the bank, finance company, credit union, other financial institution, or individual with whom you signed an agreement to borrow money using a particular asset, such as a car, as collateral. As long as there is a balance due on the loan, the lienholder must be repaid befo...
An accident or claim could impact the lessee from both an insurance premium and a liability standpoint. ... Lienholder:The lender that technically owns your car and has either leased it to you with an insurable interest or provides you the money or loan to purchase it. They remain the lien...
Even if an insurance check for a financed vehicle is payable solely to you, the lender still owns the car. Until the loan is paid off, the car is its asset and it want to protect its interests. Depending on your agreement, you may be required to to notify the lender of any damage ...