My name is ***** ***** I'd be happy to answer your questions today.
A loan is considered secured if there is collateral
put up to ensure payment. For example, if I borrow $90,000 from you but give you a lien on my house, then it's a secured debt. Board members approving a loan does not make it secured.
If any of the board members signed a document agreement to be personally liable for the debt, then they are acting as sureties or guarantors and may be sued individually (any or all of them - most people sue whoever they think has the most money).
A person who has a judgment against a company can use it to seize corporate property such as real estate or equipment (like in a restaurant - you can take all the appliances and stuff). It's also possible to put a levy on corporate bank accounts to remove funds. To place a levy on business
accounts, contact the bank's Legal Order Processing Department and ask them to help you through the process. You'll need to send a copy of the judgment, but they may have other paperwork for you to fill out. You can use Interrogatories and Requetss for Production of Documents to seek information on the company's assets.
If the evidence suggests that the owners of the company intentionally underfunded the business with no intent of repaying the loan, you can ask the judge to do something called "pierce the corporate veil" and hold the individual members of the board liable. Evidence of that is if you see money going back and forth into the owners' personal accounts, for example, or if you see them making big withdrawals that don't appear to be business related (any owner - it doesn't have to be all of them).
That's a complicated procedure, so if you think it's something you want to pursue, it's a good idea to see if a local attorney can help. They'll take a percentage of what you recover, but may be able to help you get more money than you could on your own.
If you have any questions or concerns about my response, please reply WITHOUT RATING. It's important that you are 100% satisfied with my courtesy and professionalism. Otherwise, please rate my service positively so I am paid for the time I spend answering questions. If you are on a mobile device, you may need to scroll to the right. There is no charge for follow-up questions. Thank you.