Hello. Thanks for submitting this question. I'll be the expert assisting you today. NY, like nearly every state has a judgment lien statute. A court issued judgment against an individual automatically becomes a lien against any real estate that they own in the county where the judgment is entered. The first step in the process is to sue those partners. If you are successful in winning a judgment, then you may proceed to collect the money by levying against their property. Here is more information on the subject:
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One of these parties lives in Oregon, the other in NY. The LLC in which they are members is registered in Delaware.
Do I have to sue first? Can I attach a lien the way a contractor might to a homeowner who owes them money?
I think I have the answer as to what needs to be done. We are going to have to dissolve the LLC and have the group that provided the working Capital sue the two partners that took the money for their Draws.
There is a 90 day provision in the contract that either side can use to terminate the Joint venture. How should we handle this?
Without reviewing the agreement itself I can't give you specific information about how to terminate it. You have to follow the terms of the agreement.
If there is to be a suit versus the other partners, then I would leave the termination of the JV to the attorney who will be representing them. Then there is less chance of messing it up.
Thanks for your positive rating.
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