A Certificate of Retention of Debtor in Possession (CORDIC) is a legal document issued by the court to a debtor who is entitled to the possession of goods or property that is the subject of a secured loan. The certificate serves as a document that the court recognizes as a valid proof of the debtor’s ownership and right to possession of the goods or property. The certificate also serves as a notice to creditors that the debtor has a valid claim to possession of the goods or property. There are two types of Certificate of Retention of Debtor in Possession: 1. Voluntary CORDIC: A voluntary CORDIC is a certificate issued to the debtor after the debtor voluntarily provides evidence of ownership and the right to possession of the goods or property to the court. 2. Court-Issued CORDIC: A court-issued CORDIC is a certificate issued to the debtor after the court has found that the debtor has a valid claim to the goods or property. The court-issued CORDIC serves to protect the debtor’s ownership and right to possession of the goods or property and to notify creditors that the debtor is the rightful owner of the goods or property.
Certificate of Retention of Debtor in Possesion
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How to fill out Certificate Of Retention Of Debtor In Possesion?
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