Hi - my name is XXXXX XXXXX X'X a Business litigation attorney. Thanks for the question.
If the debtor has defaulted on the note, your recourse is to file suit for breach of contract and also for immediate possession of your collateral. The lawsuit will ask for a judgment against the person for the amount due under the terms of the agreement, plus interest and fees, and for an order requiring all of the property to be delivered or turned over to you.
Once you obtain a judgment and recover the collateral, you can sell the collateral and apply the proceeds to the debt you owe. If that doesn't satisfy the debt, you can also issue wage garnishments or bank garnishments to seek payment from the debtor.
Thus, there are several ways to recover, and the first is to recover your collateral and obtain a judgment on the note.
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