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Security Interest

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If an Original Creditor retains a security interest in an item purchased (in this case a computer) is the Original Creditor and subsequent Junk Debt Buyers required to pursue an action in rem (an action to recover the item) before an action in personum (action against a person)? If the OC/JDB wait several years after a right of action accrues before filing a lawsuit (so the item with a secured interest is basically worthless) would the use of one or more equity defenses be appropriate?

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