For example, if a person has a loan for a truck and trailer and defaults on the loan, the lender may be able to repossess both the truck and the trailer. This is because the trailer is considered to be part of the collateral for the loan, and the lender has the right to repossess all of the collateral if the borrower defaults on the loan.
However, there may be some exceptions to this general rule. For example, if the trailer is not owned by the borrower but is instead owned by a third party, the lender may not be able to repossess the trailer. Additionally, if the trailer is not attached to the truck at the time of repossession, the lender may not be able to repossess it.
Therefore, it is important to consult with an attorney to determine the specific laws that apply to trailer repossession in your state.
