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Irwin Law
Irwin Law, Attorney
Category: Legal
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Experience:  Lawyer & Real Estate Broker, 30+ years, foreclosure, land contracts, inheritance, probate.
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I am part of a partnership whereby working capital was given

Resolved Question:

I am part of a partnership whereby working capital was given to the other side of this partnership to develop a Quantatative trading mechanism. This capital was given in two installments, 3/12 and 7/12, totalling $70,000. Two of the partners on the development side took draws totalling roughly $35,000 combined. There has been missed deadline after missed deadline to complete this project. Original timeframe was for completion in 6/12.

It turns out that these two partners were working on separate projects, one for another customer and a personal lawsuit that these two partners were named in. They used the working capital given to them to pay themselves while they worked on other things. This working capital was for the express use of completing the original project.

There is no money left and the original project is still infinished. We would lie to attach liens on their home and any other assets until they repay the money plus interest.

Please offer me some solutions. Thank you.
Submitted: 1 year ago.
Category: Legal
Expert:  Irwin Law replied 1 year ago.

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:

http://www.nolo.com/legal-encyclopedia/judgment-liens-new-york-46849.html

I hope this information is helpful and that you will enter a positive rating. I thank you for submitting your question to Pearl-Just Answer. We appreciate your business. If you need clarification or additional information, please send me a Reply and I will be happy to explain further. Please consult a local attorney to verify the accuracy of this information according to your state's laws.

Irwin Law, Attorney
Category: Legal
Satisfied Customers: 4712
Experience: Lawyer & Real Estate Broker, 30+ years, foreclosure, land contracts, inheritance, probate.
Irwin Law and 12 other Legal Specialists are ready to help you
Customer: replied 1 year ago.

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?

Expert:  Irwin Law replied 1 year ago.
Hello again. The answer to your specific question is "no". Contractors have specific statutes which permit the filing of "mechanics liens" against properties which they have worked on. There is no similar statutory right for people who simply owe money for one thing or another. A mortgage is a specific lien by contract, given for a loan where real estate is placed as security. In your case lien right would have to flow from a statute. With the amount of money that you have put out, I suggest that you consult a NY attorney right away about the possibility of suing the individuals in NY.
I hope this information is helpful and that you will enter a positive rating. I thank you for submitting your question to Pearl-Just Answer. We appreciate your business. If you need clarification or additional information, please send me a Reply and I will be happy to explain further. Please consult a local attorney to verify the accuracy of this information according to your state's laws.
Irwin Law, Attorney
Category: Legal
Satisfied Customers: 4712
Experience: Lawyer & Real Estate Broker, 30+ years, foreclosure, land contracts, inheritance, probate.
Irwin Law and 12 other Legal Specialists are ready to help you
Customer: replied 1 year ago.

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?


 


Thank you.


 

Expert:  Irwin Law replied 1 year ago.

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.

 

Irwin Law, Attorney
Category: Legal
Satisfied Customers: 4712
Experience: Lawyer & Real Estate Broker, 30+ years, foreclosure, land contracts, inheritance, probate.
Irwin Law and 12 other Legal Specialists are ready to help you

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