Document background
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.
