The Certificate of Repossession is a crucial document used in German asset recovery and secured lending practices, governed by the German Civil Code (BGB) and related regulations. It is primarily utilized when a creditor exercises their right to repossess property following a default on a loan, lease, or other financing agreement. The certificate serves multiple purposes: it documents the legal basis for the repossession, records the condition and details of the repossessed property, and provides evidence that the repossession was conducted in accordance with German law. This document is particularly important for maintaining clear records for subsequent legal proceedings, insurance claims, or resale of the asset. The Certificate of Repossession must include specific information required by German law, including detailed identification of all parties involved, precise description of the repossessed property, and certification of compliance with legal requirements.
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1. Identification of Parties: Details of the creditor/security holder conducting the repossession and the debtor/owner from whom the property is being repossessed, including full legal names, addresses, and registration numbers if applicable
2. Property Description: Detailed description of the repossessed property including all relevant identifying information (e.g., serial numbers, registration numbers, make, model, condition)
3. Legal Basis: Reference to the underlying agreement or security interest that gives the right to repossess, including relevant contract dates and terms
4. Default Declaration: Statement of the default or breach that led to the repossession, including relevant dates and amounts
5. Repossession Details: Description of the repossession process including date, time, location, and method of repossession
6. Condition Statement: Documentation of the condition of the property at the time of repossession, including any damage or missing components
7. Certification: Formal declaration certifying the repossession has been conducted in accordance with German law and applicable regulations
1. Witness Statement: Statement from witnesses present during the repossession, used when the repossession might be contested or when required by the underlying agreement
2. Police Reference: Details of police presence or report numbers if law enforcement was involved in the repossession
3. Valuation Statement: Current market value assessment of the repossessed property, included when required for insurance or resale purposes
4. Notice of Rights: Statement informing the debtor of their rights and remedies under German law, included when the debtor is a consumer
5. Cost Statement: Detailed breakdown of costs associated with the repossession, included when these costs are to be charged to the debtor
1. Photographic Evidence: Photographs documenting the condition of the property at the time of repossession
2. Inventory List: Detailed inventory of all items included in the repossession, particularly relevant for complex equipment or multiple items
3. Default Notices: Copies of all relevant default notices and communications sent to the debtor prior to repossession
4. Original Security Agreement: Copy of the original security agreement or contract giving rise to the right of repossession
5. Condition Report: Detailed technical report on the condition of the property, including any damage assessment
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
Automotive
Equipment Leasing
Construction Equipment
Manufacturing
Agricultural Equipment
Commercial Real Estate
Consumer Finance
Transportation and Logistics
Industrial Equipment
Relevant Teams
Legal
Asset Recovery
Credit Risk
Collections
Compliance
Documentation
Operations
Portfolio Management
Asset Management
Risk Assessment
Relevant Roles
Asset Recovery Manager
Collections Officer
Legal Counsel
Credit Risk Manager
Recovery Specialist
Loan Officer
Compliance Officer
Asset Manager
Recovery Operations Director
Repossession Coordinator
Credit Administration Manager
Legal Documentation Specialist
Portfolio Manager
Risk Assessment Officer
Collections Team Leader
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