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Legal ownership of handsets on financing

Elite Woad Raider · 2019-11-13 17:24:51

Who legally owns an unpaid handset on financing?

13-11-2019 5:24pm

#1

Elite Woad Raider

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Who legally owns an unpaid handset on financing?

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Comments

#2 13-11-2019 5:25pm

Mr. Incognito

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The financer.

Hire purchase agreement no doubt

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#3 13-11-2019 5:29pm

Elite Woad Raider

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So if the purchaser goes bankrupt before the item is paid for he must return the item to the financer?

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#4 13-11-2019 5:39pm

hullaballoo

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It depends on the finance agreement but as above, in a bog standard HP agreement, the seller retains title in the property (car, handset, lawnmower etc.)

Again a bog standard clause will have personal insolvency as a trigger for possessory interest to revert to seller also meaning that the seller can take the item back. If there was not such a clause or the clause was somehow unlawful, the seller would still probably have the right to take the item back.

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