Asked 2/18/2010
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Repossession of equipment by lease holder I, with permission from the lease company sub-leased a piece of equipment to a company in oklahoma. They have defaulted on payment and I have told lease company i would pay off the lease if they would repossess the equipment and have it in their possession. They agreed but now advised that when the repossession company went to get the equipment the company in possession of equipment would not let them have it. Payments are still in arrears and they are now ready to take legal action against me for payment. I told them I would go get the equipment if they would give me permission and they said they could not do that. Is this correct, can the company having possession of equipment refuse to release it even if the repossession company has an order issued by title holder. Also, is it correct that I cannot leagly go get the equipment myself since I am the guarantor of lease. |
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