Help! A Non Purchase-Money Security Interest is Holding My Household Goods Hostage!
Tuesday, June 30th, 2009Many of us encounter purchase-money security interests when we buy a car or perhaps shop at department stores. This is the situation where a lender gives you money to buy a specific item (a car; a tv, a bedroom set, etc.) and in exchange you give him a lien on the property, allowing that property to secure the debt as collateral. The other kind of consensual lien, the non purchase-money security interest, apart from being a mouthful, is somewhat less common. You’re likely to come across it if you’ve been given a small loan from a store front lender such as American General or Beneficial.…