How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Barrister Your Own Question
Barrister
Barrister, Lawyer
Category: Real Estate Law
Satisfied Customers: 33784
Experience:  15 years real estate, Realtor. Landlord 26 years
19958803
Type Your Real Estate Law Question Here...
Barrister is online now
A new question is answered every 9 seconds

If the second lien holder repossessed a recreational vehicle

Customer Question

If the second lien holder repossessed a recreational vehicle an sells it at auction in the state of Kentucky do they have to notify an pay the first lien holder before they receive any money
Submitted: 3 months ago.
Category: Real Estate Law
Expert:  Barrister replied 3 months ago.

Hello and welcome! My name is ***** ***** I am a licensed attorney who will try my very best to help with your situation or get you to someone who can. There may be a slight delay in my responses as I research statutes or ordinances and type out an answer or reply,but rest assured, I am working on your question.

.

Yes, the first lien holder sits in first priority for payment on the RV and is paid before the second would be paid. This is because the first lien holder has first claim to be paid before any other creditor or lien holder. Any lien holder should be listed on the title to the vehicle and would need to be notified by the repossessing entity so they would have an opportunity to protect their interest at any sale.

.

.

thanks

Barrister

Customer: replied 3 months ago.
This is a side by side not an RV an the first lien holder is on the Tennessee title but not on the Kentucky one but it was purchased in Kentucky an both lien holders are from Kentucky does this still apply
Expert:  Barrister replied 3 months ago.

Yes, if the second lienholder knows about the first one, then they have a legal duty to notify them or the first could then sue the second to have any sale set aside as a violation of their procedural due process rights to notice of any action taken against any collateral that they have an interest in.

.

.

thanks

Barrister

Related Real Estate Law Questions