If he put up his business as security and you filed the UCC-1 with the secretary of state to record the security interest, then you have primary rights to the business. If not, when you file suit for breach of contract and seeking to foreclose your loan and take his business you would have to do a UCC-1 search with the Secretary of State and the recorder of mortgages to notify all of the other creditors of the business and then you just proceed to sue for breach of contract and demand the money or busihess. You would need an attorney to pursue this.
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