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kicklaw40
kicklaw40, Attorney
Category: Business Law
Satisfied Customers: 21
Experience:  I am an attorney who has handled matters relating to small businesses in my general practice for 14 years.
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I have an original retail security agreement with original

Resolved Question:

I have an original retail security agreement with original signatures. paid in full. would like to sell the commercial paper to a broker/bank etc., any ideas on who buys commercial paper?
Submitted: 4 years ago.
Category: Business Law
Expert:  kattorney replied 4 years ago.

Kathie Russell :

Hi and thanks for your question. I'm not sure I understand. If you have a retail security agreement and it is paid in full, then it is canceled - so what is its worth or value? Perhaps I am misunderstanding something in your question and if so, I apologize.

Customer: replied 4 years ago.
It has another 15 years of maturity on it..its a security instrument that should be sellable on the open market (commercial paper) it is paid...can it be securitized...and who would i contact to do that
Expert:  kattorney replied 4 years ago.
When you say it is paid, do you mean current (paid to date) instead of paid in full?
Customer: replied 4 years ago.
paid in full..i have title..
Expert:  kattorney replied 4 years ago.
OK. I'm sorry, I don't understand. If it is paid in full, and no more payments are due under it to you, then I don't understand how it has any value on the secondary market. The only value is if there are still payments remaining due, otherwise what value is there for the purchaser? I will opt out of this question so that someone else can try to answer it.
kattorney, Attorney
Category: Business Law
Satisfied Customers: 1169
Experience: 16 years experience with a concentration in business, corporate and contracts law
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Expert:  kicklaw40 replied 4 years ago.
Hi, I agree that we need a little more information to be able to help you with your question. What type of commercial paper is this we are talking about and what exactly is the collateral for the security agreement? What was originally due and how much is currently due on the agreement?
kicklaw40, Attorney
Category: Business Law
Satisfied Customers: 21
Experience: I am an attorney who has handled matters relating to small businesses in my general practice for 14 years.
kicklaw40 and other Business Law Specialists are ready to help you
Customer: replied 4 years ago.
the contract was for 78,000.00 to be paid over 20 years..it has been paid in full...it is a security instrument..the note is the collateral with original signatures..hope that helps
Expert:  kicklaw40 replied 4 years ago.
Okay, are you saying that the $78,000 was paid with a security instrument? For example, someone owed you $78,000, and instead of paying you $78k cash, they issued to you a promissory note and you are wanting to know how to turn that into cash?
kicklaw40, Attorney
Category: Business Law
Satisfied Customers: 21
Experience: I am an attorney who has handled matters relating to small businesses in my general practice for 14 years.
kicklaw40 and other Business Law Specialists are ready to help you
Customer: replied 4 years ago.
no i bought a vehicle for 78,000.00. i paid it in full...i have original security...it still has a maturity date of 15 years...i want to monetize the security. put in the diverity market..or sell to a bank/broker..any ideas?
Expert:  kicklaw40 replied 4 years ago.
Let me explain something and see if this is helpful because I am still not clear on what exactly you are trying to do. When someone lends money to another party, a note is created and the person who agrees to pay money signs the note. The note may be secured by property (such as a car when a car loan is taken out) or may be unsecured. That note, which represents a promise to pay at some point in the future, can be sold to a third party. So if I loan you $20k to buy a car and you sign a note saying you will repay me $500 a month for X months, I have 2 options: I can sit back and collect the payments OR I can try and resell the note to another party, who might pay me $15k today for their ability to now own the note and be entitled to the $500 per month. I am not sure where exactly you are in this situation. You have purchased a car and you have paid for it in full, so what "promise to pay" are you trying to sell? For you to have a commercial paper to sell, you would need to have a valid promissory note or something that says someone is obligated to pay you $x.
kicklaw40, Attorney
Category: Business Law
Satisfied Customers: 21
Experience: I am an attorney who has handled matters relating to small businesses in my general practice for 14 years.
kicklaw40 and other Business Law Specialists are ready to help you