These are two separate notes and one is secured by the real estate
the other note is secured by the fixtures equipment, liquor license name and a ucc was filed listing the equipment secured by that note. however over the years some of the equipment has been changed or replaced but would be similar such as a beer cooler, draft box ice machine pool tables etc. This goes back to 1995.
I understand the process for the repo of the building and the auction.
The company that services the promissory note does not get involved in repo, but the note says I can call the entire balance of the note due at once if they do not meet the demand.
If I were to repo the liquor license this week and the fixtures and equipment listed in the ucc but the building remains in their control until the auction . she could not operate the bar without the license but I could not either as I would not have access to the building itself???This is what I am not sure about what to do.
Should I wait to foreclose on the liquor license now or wait.
I will go with your suggestion for the injunction to protect the contents of the building if that will hold everything in place until the building is auctioned. I don't see that she will pay off that note however someone else could buy it at the auction. I don' understand that you said the fixtures and equipment are part of the building when they were sold on another note and listed on the ucc.
Let me see if I understand. Will the injunction cover the equipment ie coolers, pool tables, tables bar stools etc. The back bar and bar that is affixed is not that big a deal. My concern would be she take out all the bar equipment. If we repo the license can the equipment remain in the building until we know the outcome of the auction and be protected from her doing damage or selling it. Should we get pictures of the existing equipment? Will the equipment they replaced from the original that was there be carried over or is that theirs. We may not end up with the building. What rights would they have if any while it is in repossesiont if they cannot operate the bar business without a license ?
Thank you I guess the next step then would be to get a lawyer locally to do that paper work for us or is it something that we could do on our own. We are cash poor right now since we are not getting payments from this property which is a major part of our retirement
Thank you for all your answers. I know what we must do now. What are your thoughts of taking pictures of the inside
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