An Affidavit of Repossession is a crucial legal document used in Malaysia when a creditor needs to formally document the repossession of property due to default on a financing agreement. This sworn statement, executed under Malaysian law, serves multiple purposes: it provides evidence of legal repossession, helps transfer or update property records (particularly with the Road Transport Department for vehicles), and can be used in potential legal proceedings. The document must comply with the requirements of the Statutory Declarations Act 1960 and, where applicable, the Hire-Purchase Act 1967. An Affidavit of Repossession typically includes details about the property, circumstances of default, method of repossession, current location of the property, and relevant supporting documentation. It's particularly important in Malaysia's financial sector where it helps maintain proper documentation of asset recovery processes and supports the legal rights of financial institutions.
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1. Title and Venue: Specifies the court/jurisdiction where the affidavit is being filed and the title of the document
2. Affiant Information: Details of the person making the affidavit, including full name, NRIC/passport number, occupation, and address
3. Authority Statement: Establishes the affiant's authority to conduct the repossession (e.g., as an agent of the financial institution)
4. Property Description: Detailed description of the repossessed property (e.g., vehicle make, model, year, VIN/chassis number, registration number)
5. Basis for Repossession: Details of the default or circumstances that led to the repossession, including relevant dates and amounts
6. Repossession Details: Chronological account of how and when the repossession was carried out, including date, time, and location
7. Property Condition: Description of the condition of the property at the time of repossession, including any damage or missing parts
8. Current Location: Statement of where the repossessed property is currently stored or located
9. Verification Statement: Standard affirmation that the contents of the affidavit are true and correct
1. Peaceful Repossession Declaration: Statement confirming that the repossession was carried out peacefully without breach of peace (used when specifically required by authorities)
2. Third Party Claims: Section addressing any third-party claims or interests in the property (used when there are known third-party interests)
3. Notice Details: Information about notices sent to the debtor before repossession (used when specific notices were required and sent)
4. Police Report Reference: Details of any police reports filed in relation to the repossession (used when police were involved or reports were filed)
5. Personal Property Inventory: List of any personal property found in/with the repossessed item (used primarily for vehicle repossessions)
1. Schedule A - Loan Agreement: Copy of the original loan/hire-purchase agreement relating to the property
2. Schedule B - Default Notices: Copies of all default notices sent to the debtor
3. Schedule C - Photographic Evidence: Photographs of the property at the time of repossession
4. Schedule D - Authorization Letter: Copy of authorization letter from the financial institution to conduct the repossession
5. Schedule E - Property Condition Report: Detailed report on the condition of the property at time of repossession
6. Schedule F - Police Report: Copy of any police reports filed in relation to the repossession
Authors
Relevant legal definitions
Clauses
Relevant Industries
Banking & Financial Services
Automotive
Asset Finance
Legal Services
Insurance
Equipment Leasing
Consumer Finance
Debt Collection
Transportation
Relevant Teams
Legal
Collections
Credit Risk
Operations
Compliance
Asset Recovery
Documentation
Finance
Customer Service
Risk Management
Relevant Roles
Collections Manager
Recovery Officer
Legal Officer
Credit Manager
Repossession Agent
Compliance Officer
Risk Manager
Asset Recovery Specialist
Finance Manager
Documentation Specialist
Legal Counsel
Operations Manager
Branch Manager
Credit Administrator
Fleet Manager
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