The Affidavit of Repossession is a crucial document in Saudi Arabia's financial and legal framework, used when a creditor needs to formally document the lawful repossession of an asset following a payment default. This document must carefully balance the requirements of both civil law and Sharia principles, making it unique to the Saudi jurisdiction. The affidavit includes detailed information about the asset, circumstances of default, repossession process, and condition of the asset at the time of recovery. It serves multiple purposes: legal evidence for potential court proceedings, documentation for regulatory compliance, and protection against future claims. The document is particularly important in Saudi Arabia where strict adherence to Islamic financial principles must be demonstrated alongside traditional repossession requirements.
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1. Affiant Identification: Details of the person making the affidavit, including full legal name, position, and authority to act
2. Asset Description: Detailed description of the repossessed asset, including all relevant identification numbers, makes, models, or serial numbers
3. Basis for Repossession: Statement of the legal grounds for repossession, including default details and reference to relevant agreements
4. Default Documentation: Specific details of the default, including dates, amounts, and notices provided
5. Repossession Details: Description of how and when the repossession was carried out, including date, time, and location
6. Condition Statement: Description of the asset's condition at the time of repossession
7. Compliance Declaration: Statement confirming compliance with Saudi law and Sharia principles in the repossession process
8. Oath and Signature: Formal sworn statement and signature section with notarization details
1. Third Party Authorization: Required when repossession was conducted by a third-party agent on behalf of the creditor
2. Police Report Reference: Include when law enforcement was involved in the repossession process
3. Prior Attempts Documentation: Details of previous attempts to resolve the default or contact the debtor
4. Witness Statements: When witnesses were present during the repossession
5. Islamic Finance Compliance: Detailed section on Sharia compliance when the original agreement was an Islamic finance product
1. Schedule A - Original Finance Agreement: Copy or reference to the original financing agreement
2. Schedule B - Default Notices: Copies of all notices sent to the debtor regarding the default
3. Schedule C - Asset Documentation: Photographs and detailed documentation of the asset's condition
4. Schedule D - Repossession Authorization: Any court orders or official authorizations for the repossession
5. Schedule E - Inventory List: Detailed inventory of any personal items found in/with the repossessed asset
6. Appendix 1 - Communication Records: Log of all communications with the debtor regarding the default and repossession
Authors
Relevant legal definitions
Clauses
Relevant Industries
Banking & Financial Services
Automotive Finance
Equipment Leasing
Islamic Banking
Legal Services
Asset Management
Vehicle Dealerships
Construction Equipment
Commercial Finance
Industrial Equipment Leasing
Relevant Teams
Legal
Collections
Asset Recovery
Risk Management
Compliance
Islamic Banking
Credit Operations
Documentation
Regulatory Affairs
Asset Management
Relevant Roles
Collections Manager
Asset Recovery Specialist
Legal Counsel
Compliance Officer
Credit Risk Manager
Islamic Finance Officer
Repossession Agent
Banking Operations Manager
Portfolio Manager
Documentation Specialist
Sharia Compliance Officer
Recovery Department Head
Legal Documentation Officer
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