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Maverick
Maverick, Attorney
Category: Business Law
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Experience:  13+ years of experience
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Hi....I recently sold a business in Florida.They paid a 100k

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Hi....I recently sold a business in Florida.They paid a 100k down payment and I personally financed 400k over 120 months.We have a UCC filing for the assets that were left as well as a Prommisory Note.It was Guaranteed by their Corperation as well as Personally buy the Borrower.It has been 8 months and they have asked me to lower the monthly payment....I will not agree and now they have decided to stop paying me.Also I have learned that 80% of the equipment on the UCC filing has been sold....HELP!!!!
Submitted: 5 years ago.
Category: Business Law
Expert:  Maverick replied 5 years ago.

I would sue them immediately for breach of contract and as part of the discovery process I would obtain the names and addresses of the people that purchased the equipment subject to the UCC as you may have a right to get the equipment back. The buyers were under a duty to check for UCC filings at the secretary of states office before buying the secured collateral. You also may be able to sue the buyers for the value of the equipment.

 

 

Also if your debtor transfers equipment to a third party, your security interest stays with the equipment unless you consent to the transfer free of the security interest. The consent and release should be in writing.

However, if a third party is located in another state, your financing statement is in effect for whichever of the following time periods occurs first:

 one year after the transfer and change in location, or

 the original fi nancing statement lapses.

You should file a new UCC-1. If you fail to fi le a new UCC-1 in the new location within the time periods previously mentioned, your security interest is deemed unperfected and loses its effectiveness to any subsequent purchaser.

If this answers your question, please click accept so that I may get credit for my work. Any feedback would be appreciated. Thank you. If you still have a question on this topic, please write back.

Customer: replied 5 years ago.

Thanks Marc,But what about the Prommisory Note?They have stopped paying.

I should take them to court and get a judgement...Can the judge make them pay?They are doing business.........

Expert:  Maverick replied 5 years ago.

Yes, if they are not paying you on time and / or in the amount agreed to, you should take legal action on their default and seek to obtain the secured collateral and a money judgment against them. Once you have obtained a money judgment, you can seek to execute on the judgment, seek to garnish bank accounts, put a lien on their real property and other similar measures.

 

As a judgment creditor you can then also request a court to order a third party to pay money, otherwise owed to the debtor, directly to you.

Does this answer your question?

Maverick, Attorney
Category: Business Law
Satisfied Customers: 3431
Experience: 13+ years of experience
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