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RSLA · Video

What Should a Lender Do When an Asset Is Held Under an RSLA Lien?

Michelle Haigh 41 seconds

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About this video

What should a lender do when an asset is being held under an RSLA lien? This video outlines initial steps to consider: requesting supporting records, checking applicable registration and compliance requirements, and assessing options for recovering the asset.

Learn why invoices, work orders, rate sheets, and available photos matter, and when negotiation, payment, or a section 24 application may warrant consideration.

Read video transcript

So, what should a lender do immediately upon learning an asset is held under the RSLA? Well, first of all, you’re going to want to request copies of invoices and work orders, rate sheets, photos if available. You also want to check to see if the storer is registered under the TSSEA and is compliant, and decide whether or not to negotiate a settlement or pay out to get that asset back, or whether you have to file a section 24 application. At Precision Paralegal Services, we run the first 24-hour checklist that limits accrual and sets up a winning application.

This video provides general information, not legal advice. Available remedies depend on the circumstances.

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