I sold a bar
and carried a promissary note It is now in a corporation
. A few years later sold the building.
The building is part of an llc
and I am starting the paperwork with the title company who collects the note to forclose, a 91 day go to auction process.
The other note is for the liquor license, fixtures equipment etc. The wording in the note says I can excellerate if they are 30 days or more behind and I can get the license etc back.
There were 2 people involved one died and the other is a lady who we belive is drunk most of the time and has a manager trying to run the place. The rumor is that she says we can't do anything for 3 months and by then she will strip the place.
My actual question is this. If we repossess the business
, and the foreclosure is not complete on the building , where do we stand with the fixtures and equipment in the building? Would we need to get them out of the building. We have no way to know if someone will out bid us on the building and we will just get our money or if she may decide to somehow pay the amount owed in full or if someone else will get the property.
Jeanne Gomer Florence Az the property is in cochise co AZ