One of the best ways to effectuate a collection is to collateralize your loan with equipment or another valuable asset. Florida law provides for recovery of assets such as pledged equipment and automobiles through a process called replevin. Whereas filing a collection suit typically involves seeking money damages, a replevin action is a possessory action. This means that the court will make a ruling, after hearing from both parties, as to which party is entitled to possession of the asset. Money damages are often pursued in the same action under separate counts in the law suit.


If you are successful in a replevin action, you will win the right to regain possession of your asset. This is done via Court Order, and enforced by the Sherriff’s Office. While the Sherriff effectuates the return of your asset, your money damages claim may continue in the court. If you are successful in your damages claim, you may also be entitled to a money judgment, based on the terms of your contract and the amounts outstanding. If you resell the asset, you may be entitled to what’s called a Deficiency Judgment. The Deficiency Judgment represents the amount you are owed under the contract minus what you obtained for the sale of the asset, plus your costs. If you need to retake possession of an asset or would like to discuss obtaining a Deficiency Judgment, please give us a call.


Take Back Your Asset.