Affidavit Of Repossession Template for Malaysia
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What is a Affidavit Of Repossession?
An Affidavit of Repossession is a crucial legal document used in Malaysia when a creditor needs to formally document the repossession of property due to default on a financing agreement. This sworn statement, executed under Malaysian law, serves multiple purposes: it provides evidence of legal repossession, helps transfer or update property records (particularly with the Road Transport Department for vehicles), and can be used in potential legal proceedings. The document must comply with the requirements of the Statutory Declarations Act 1960 and, where applicable, the Hire-Purchase Act 1967. An Affidavit of Repossession typically includes details about the property, circumstances of default, method of repossession, current location of the property, and relevant supporting documentation. It's particularly important in Malaysia's financial sector where it helps maintain proper documentation of asset recovery processes and supports the legal rights of financial institutions.
About the Affidavit Of Repossession
An Affidavit of Repossession is a sworn statement that you must prepare when documenting the legal repossession of property in Malaysia. This critical document serves as formal evidence that repossession was conducted lawfully and provides the necessary documentation for transferring property records, particularly with government agencies like the Road Transport Department for vehicles.
When do you need this document?
You need an Affidavit of Repossession when your financial institution or agency has repossessed property due to borrower default on hire-purchase agreements, vehicle financing, or secured loans. The document is essential when updating vehicle registration records, providing evidence for insurance claims, supporting legal proceedings against defaulting borrowers, or demonstrating compliance with Malaysian repossession laws to regulatory authorities. Banks, finance companies, and authorized repossession agents regularly use this document to maintain proper legal documentation of their asset recovery activities.
Key legal considerations
Your affidavit must establish clear legal authority to conduct the repossession, typically through employment or agency relationships with the creditor. You must provide comprehensive property descriptions including vehicle identification numbers, registration details, or unique identifiers for other assets. The document should detail the circumstances leading to default, including missed payments and breach notifications sent to the borrower. You must accurately describe the repossession method, ensuring it complies with legal requirements and avoiding any unlawful entry or breach of peace. Include the current storage location and condition of the repossessed property, as this information may be crucial for subsequent legal proceedings or property transfers.
Legal requirements in Malaysia
Under the Statutory Declarations Act 1960, your affidavit must be sworn before a Commissioner for Oaths, Magistrate, or other authorized official. The Hire-Purchase Act 1967 requires that repossession procedures follow specific notice requirements and timeframes, which must be reflected in your affidavit. You must ensure compliance with the Consumer Protection Act 1999 regarding consumer rights and fair treatment during repossession. The Rules of Court 2012 govern the format and content requirements if the affidavit will be filed in court proceedings. Your document must include your full particulars, NRIC or passport number, and clear statements about your knowledge of the facts. All supporting documentation referenced in the affidavit, such as loan agreements, default notices, and repossession authorizations, should be properly attached and sworn to alongside the main document.
GOVERNING LAW
Applicable law
This Affidavit Of Repossession is drafted to comply with Malaysia law. Key legislation includes:
Hire-Purchase Act 1967: Regulates hire-purchase agreements and includes provisions about repossession rights, procedures, and notice requirements for creditors
Rules of Court 2012: Contains procedural requirements for filing affidavits in Malaysian courts and the formal requirements for their content and execution
Consumer Protection Act 1999: Provides protection for consumers in matters relating to goods and services, including provisions affecting repossession procedures
Contracts Act 1950: Governs contractual relationships and enforcement of contractual rights, including security interests and remedies for breach
National Land Code 1965: Relevant when the repossession involves landed property or fixtures, governing property rights and enforcement
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