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Roger
Roger, Attorney
Category: Bankruptcy Law
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Experience:  BV Rated by Martindale-Hubbell; SuperLawyer rating by West
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hi , i got some answers previously as we will be filing bankruptcy

Resolved Question:

hi , i got some answers previously as we will be filing bankruptcy short
the new landlord is willing to give us some money for the equipment as we need to pay our sales tax money
however, we have a loan outstanding with a UCC which we were going to file with bankruptcy
The landlord is worried that the loan company can come after him for equipment
Can you please clarify
Also the loan agreement was not personally guaranteed, plus it was only signed by 2 members of the LLC - is this valid and enforceable
thanks
Submitted: 1 year ago.
Category: Bankruptcy Law
Expert:  Roger replied 1 year ago.

Hi - my name is XXXXX XXXXX I'm a Bankruptcy litigation attorney. Thanks for your post.

I have a question:

1. Will the money from the landlord for the equipment pay off the loan to the lender?

Customer: replied 1 year ago.

no, it wont be enough as he is only giving us 10k, and we owe 12k in sales tax which we must pay

Expert:  Roger replied 1 year ago.

Ok. Thanks for the information.

 

As for the equipment, you CANNOT sell mortgaged property unless the lien will be paid in full. This is so because the lender owns the property until the lien is paid in full. In fact, this can be criminally prosecuted - - so it's not something you want to do, and it is not legal.

 

The only way to sell the equipment is if you can pay it off in full OR if you can get the lender to agree to release the equipment for the amount being paid. Also, all of the money you receive for the equipment would have to be paid to the lender.

 

As for the contract, IF two members of the LLC signed the loan agreement, then it is likely valid as there's likely a provision in the agreement that says these two people were duly authorized by the LLC to sign on its behalf. If the people that signed the agreement weren't authorized to sign for the LLC, then they could be looking at fraud charges as well. Also, it would be hard to claim that the members weren't authorized if the LLC has made payments on the loan, used the equipment, etc.

Roger, Attorney
Category: Bankruptcy Law
Satisfied Customers: 26331
Experience: BV Rated by Martindale-Hubbell; SuperLawyer rating by West
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