How long does a secured creditor have take their assets?

[nerves]

We have a piece of equipment that was on a lease agreement. How long do they have to retrieve the asset? We have advised them to pick it up but we haven't heard anything from them in two months - well other than they have taken the payment from our business checking during the automatic stay. Our lawyer is on top of recovering the funds but I am curious on how long we have to wait for them to retrieve the asset. Thanks

[MSbklawyer]

I've run into that too. In my case, the debtor has a car he bought on credit. He couldn't afford the payments, so we surrendered it back to the finance company. But they won't come get it. For the life of me, I can't figure out why. They could recoup some of their loss by taking the car and selling it. I have written them half a dozen letters telling them to come get the car, which they have to a one, ignored. They have their lien noted on the title, so he can't sell it. But yet, they won't come get it. I would tell him to take it to their place of business and drop it off and hand them the keys, but their nearest branch is 750 miles away. I never cease to be amazed at the stupidity of corporate America.

The solution I came up with was filing a suit against the creditor -- a declaratory judgment action -- asking the court to declare that the statute of limitations in replevin had run and that the creditor had no further rights to the vehicle and ordering the DMV to issue him a clear title. We've got another year or so for the statute to run on their right to replevy the vehicle, so we'll see what happens.