If you use automobiles as collateral against a business commercial loan, must the bank possess the titles? 7 Answers as of August 15, 2017

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Richard B. Jacobson & Associates, LLC | Richard B. Jacobson
Are you asking if the bank must physically possess the titles, the answer is no. They can simply file their lien with the Division of Motor Vehicles and it will be printed on the title. However, their having the titles on deposit may give them some degree of additional assurance.
Answer Applies to: Wisconsin
Replied: 8/15/2017
Janet A. Lawson Bankruptcy Attorney
Janet A. Lawson Bankruptcy Attorney | Janet Lawson
That is a point of agreement. If they want them as a condition of the loan, yes they can ask for them.
Answer Applies to: California
Replied: 8/15/2017
Ronald K. Nims LLC | Ronald K. Nims
In Ohio, the lender must possess the title to the vehicle any time a vehicle is being used as collateral.
Answer Applies to: Ohio
Replied: 8/15/2017
A Fresh Start
A Fresh Start | Dorothy G Bunce
Not necessarily. Read the contract and the financing paperwork. Also, read the terms of the Uniform Commercial Code in your state.
Answer Applies to: Nevada
Replied: 8/14/2017
GARCIA & GONZALES, P.C. | Richard N. Gonzales
Generally, yes.
Answer Applies to: Colorado
Replied: 8/14/2017
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