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Law Educator, Esq.
Law Educator, Esq., Attorney
Category: Business Law
Satisfied Customers: 110425
Experience:  All corporate law, including non-profits and charitable fraternal organizations.
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gave money to a person to build my business He put up his business

Customer Question

gave money to a person to build my business He put up his business as colateral in a contract he is in breach of contract how do i persue getting his business. he used this money for his personal use He also took money from 10 other people but im the only one with a contract. the federal trade commision shut down his previous business for the same reason
Submitted: 7 years ago.
Category: Business Law
Expert:  Law Educator, Esq. replied 7 years ago.
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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