Delaware Repossession Laws / Recovery Requirements

Quick Answers:

 

Where do I refer to for Title or License Registration?

For state Title and License Information, refer to:

 

Delaware Division of Motor Vehicles

Administration Office

P.O. Box 698

Dover, Delaware 19903

 

Telephone: (302) 739-4463

 

Fee for search of records is $6.00

Security Interests:

Shown on title held by first lienholder.

 

Recording Requirements:

Per the adoption of Uniform Commercial Code (UCC) in July, 1967, record with Recorder of Deeds in county where property is located.

Recovery Requirements:

As per the UCC, repossession is allowed and permitted as long as it is peaceful.

Redemption Requirements:

Debtor can redeem within 15 days after taking by payment of total balance due plus repossession fees.

Deficiency Requirements:

Confession of Judgment notes are invalid but deficiencies can be collected. Retaking does not bar suit.

Special Motor Vehicle Provisions:

Lien instrument is impressed on the title. Concealment or sale of mortgaged property is a crime.

Documents Required to Transfer Ownership of Motor Vehicle:

State Form MV195 original title showing encumbrance; original of security contract, all documents notarized.

 

Documents Required for Liquidation:

Title. Repossession Affidavit (MV-195), copy of contract.

 

Plates:

Remain with the vehicle.

 


 

QuickRepo.com does not warrant the accuracy of these laws. The laws listed on QuickRepo.com are only a starting point for reference, and are not meant to be legal advice or a replacement for legal console. Please consult a repo company in your area, county, or state if you have any questions about repossession service there. All recovery requirements and fees are current as of 2002.

View repo laws at RepoLaws.info and repossession laws at RepossessionLaws.info

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