| Perfection
|| Possession and Sale || New Title
and Plates || Other Issues
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| LAWDOG™ Wyoming Repossession |
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| Lien Statement Sworn
In order to have a perfected lien pursuant to this title, a lien claimant shall file with
the county clerk a lien statement sworn to before a notary public. The county clerk shall
file the statement and index by date, name of claimant and property owner, and legal
description. The lien statement and abstracts shall contain as appropriate the information
as listed in section. A lien statement must also disclose whether lien claimant was in
possession of property at time the lien statement was filed or if owner consented to
filing of lien. See Wyoming Statutes 29-1-301 |
| Perfection By Notation on Certificate
A lien statement relating to a motor vehicle or other property, title to which is
evidenced by a certificate of title, is not valid as to the motor vehicle or property
unless county clerk concurrently with filing of lien statement places on certificate of
title an appropriate notation showing the date, amount of lien and name of lien claimant.
Each notation after the first must be accompanied by additional fee to county clerk. If
the county clerk issues the certificate of title, he shall immediately endorse the same
encumbrance data on the certificate copy on file in his office. See Wyoming Statutes 29-7-103 |
| Certificate In Other County
If the certificate is issued in some other county or state the county clerk shall promptly
transmit to the state or county officer who issued the certificate of title the same
encumbrance data. The other county officer shall promptly place the data on the
certificate copy on file in his office. See Wyoming Statutes 29-7-103 |
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| Possession Without Breach of Peace
Unless otherwise agreed a secured party has, on default, the right to take possession of
the collateral. In taking possession secured party may proceed without judicial process if
this can be done without breach of the peace. If not, a legal action may proceed. See
Wyoming Statutes 34.1-9-503 |
| Right to Redeem At
any time before the secured party has disposed of collateral or entered into a contract
for its disposition under section 34.1-9-504 or before obligation has been discharged
under section 34.1-9-505(b), debtor or any other secured party may, unless otherwise
agreed in writing after default. redeem the collateral by tendering fulfillment of all
obligations secured by collateral, expenses reasonably incurred by secured party in
retaking, holding and preparing for disposition, arranging for sale, and to extent
provided in agreement and not prohibited by law, reasonable attorneys' fees and legal
expenses. See Wyoming Statutes 34.1-9-506 |
| Compulsory Sale If a debtor
has paid sixty percent (60%) of the cash price in case of a purchase money security
interest in consumer goods or sixty percent (60%) of the loan in case of another security
interest in consumer goods, and has not signed. after default, a statement renouncing or
modifying rights under this part a secured party who has taken possession of collateral
must dispose of it under section 34.1-9-504, and if secured party fails to do so within
ninety (90) days after he takes possession the debtor at his option may recover in
conversion or undersection 34.1-9-507(a) on secured party's liability. See Wyoming
Statutes 34.1-9-505 |
| Acceptance As Satisfaction
In any other case not involving consumer goods 60% rule, a secured party in possession
may, after default, propose to retain the collateral in satisfaction of the obligation.
Written notice of the proposal shall be sent to debtor if debtor has not signed, after
default, a statement renouncing or modifying rights under this subsection. In the case of
consumer goods no other notice need be given. In other cases notice shall be sent to any
other secured party from whom the secured party has received, before sending notice to
debtor or before renunciation of rights, written notice of claim of interest in the
collateral. If secured party receives objection in writing from a person entitled to
receive notice within twenty-one (21) daysafter notice sent, secured party must dispose of
collateral under section 34.1-9-504. If no written objection is received, secured party
may retain the collateral in satisfaction of the obligation. See Wyoming Statutes 34.1-9-505 |
| Sale and Application of Proceeds
A secured party after default may sell, lease or otherwise dispose of any or all of the
collateral in its then condition or following any commercially reasonable preparation or
processing. Any sale of goods is subject to the UCC article 2 on sales. The proceeds of
sale are applied in the order following to reasonable expenses of retaking, holding,
preparing for sale or lease, selling, leasing and the like and, to extent provided for in
agreement and not prohibited by law, reasonable attorney's fees and legal expenses
incurred by secured party. Proceeds would then be applied to satisfaction of debt secured
by security interest under which sale is made. See Wyoming Statutes 34.1-9-504 |
| Subordinate Liens If any
proceeds remain, they would next apply to satisfaction of debt secured by any subordinate
security interest in the collateral, if written notice of demand is received before
distribution of proceeds is completed. If requested by secured party, holder of a
subordinate security interest must seasonably furnish reasonable proof of interest, and
unless he does so, secured party need not comply with demand. See Wyoming Statutes 34.1-9-504 |
| Accounting and Deficiency
If the security interest secures an indebtedness, thesecured party must account to the
debtor for any surplus, and, unless otherwise agreed, the debtor is liable for any
deficiency.But if the underlying transaction was a sale of accounts orchattel paper, the
debtor is entitled to any surplus or is liablefor any deficiency only if the security
agreement so provides. See Wyoming Statutes 34.1-9-504 |
| Public or Private Sale After Notice
Disposition of the collateral may be by public or private proceedings and may be at
any time and place and on any terms, but every aspect of disposition including method,
manner, time, place and terms must be commercially reasonable. Unless collateral is
perishable or threatens to decline speedily in value, reasonable notice of time and place
of any public sale or of the time after which any private sale is to be made must be sent
by secured party to debtor, if debtor has not signed, after default, a statement
renouncing or modifying right to notice of sale. In the case of consumer goods no other
notice need be sent. See Wyoming Statutes 34.1-9-504 |
| Notice To Subordinate Lienholder
In other cases notice must be sent to any other secured party from whom secured party has
received, before sending notice to debtor or before renunciation of rights, written
notice of claim of interest in the collateral. See Wyoming Statutes 34.1-9-504 |
| Title
34.1 UCC |
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| Transfer By Operation of Law
In the event of a transfer by operation of law of an interest in vehicle, such as an
order in bankruptcy, execution sale, or repossession upon default in performance of terms
of a lease or sales contract, the administrator, trustee, sheriff, creditor or other
representative or successor in interest of person whose interest is transferred, must
forward to county clerk an application for certificate of title, with a verified or
certified statement of the transfer of interest. See Wyoming Statutes 31-2-104 |
| Verified or Certified Statement of Transfer
of Interest The statement must set forth the reason for involuntary
transfer, the interest transferred, name of transferee, the process or procedure effecting
the transfer, and other information requested by county clerk. Evidence and instruments
otherwise required by law to effect a transfer of legal or equitable title to or an
interest in a vehicle in such cases shall be furnished with statement. See Wyoming
Statutes 31-2-104 |
| Deficiency and Strict Compliance
If a transfer of title to a creditor is accomplished in accordance with this subsection, a
creditor retains the right to seek any deficiency balance which may exist after sale,
provided creditor has complied with all applicable law, and the transfer by itself is not
considered a strict foreclosure or an election to retain the collateral in satisfaction of
an obligation as provided by W.S. 34.1-9-505(b) and does not affect the debtor's right to
redeem the collateral under W.S. 34.1-9-506. See Wyoming Statutes 31-2-104 |
| Notice To Other Security Interests
If from records of the county clerk there appears to be any lien on vehicle, which was
recorded prior to lien of creditor applying for title, and which has not been released,
the certificate of title must contain a statement of the lien. The creditor repossessing
and applying for title to vehicle must notify all persons holding liens on vehicle by
certified mail, return receipt requested, at least fifteen (15) days prior to filing the
application for title. See Wyoming Statutes 31-2-104 |
| Any proceeds fom the sale, lease or other disposition of the vehicle must
be distributed in accordance with the provisions of Wyoming Statutes 34.1-9-504(a) and
(b). See above. |
| Banks and Auctioneers The
requirement under section to deliver a certificate of title to transferee at time vehicle
is delivered, does not apply to transferor if transferor transfers vehicle in the course
of business as an auctioneer of vehicles, or through an auctioneer, and certificate of
title is held by bank or other financial institution on date vehicle is delivered. Title
may also be held until funds have been collected. On date vehicle is delivered, transferor
or an auctioneer of vehicles must deliver a signed, notarized bill of sale to the
transferee in substantially the form provided in section. See Wyoming Statutes 31-2-104 |
| Damage Disclosure Statement Prior
to sale, transfer or trade-in of a motor vehicle, seller, transferor or trader of vehicle
must provide transferee with an accurately completed damage disclosure statement. The
transferee, when applying for a certificate of title for vehicle pursuant to W.S.
31-2-103, must submit an accurately completed damage disclosure statement to county clerk.
See Wyoming Statutes 31-2-104 |
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