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Alex J. Esq.
Alex J. Esq., Attorney at Law
Category: Legal
Satisfied Customers: 13280
Experience:  Experienced Licensed Attorney
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I am a 50 years old Peruvian- American living and working in

Resolved Question:

I am a 50 years old Peruvian- American living and working in USA for 13 I create Mayamick Properties LLC( commercial real estate ) were my husband (66) is a member the company has an equity of $300,000.00 and $209,000.00 in liability, when I create this LLC. 2 years ago was with the only purpose to make it grow for me and my husband to have an easy retirement but.
My husband owns an Industrial retailer business with a partner that works with bank line of credit. This company obviously is using all our assets as collateral.
Mayamick Properties is not only being use as a collateral but they are using its equity to support my husband’s business line of credit, giving Mayamick a hard time to even apply for a loan and use part of its own equity.
Obviously my husband’s business doesn’t have enough equity to support its own line of credit. What is battering me here is that I didn’t even know it was being use until I was trying to buy a building using only part of Mayamick’s $300,000.00 equity and they can’t give me a loan because they are using the equity for my husband’s business.
My question: Can the bank just use the equity of my company without my signature to support a completely different company with different ownership?
Thank you XXXXX
Appleton,WI
Submitted: 1 year ago.
Category: Legal
Expert:  Alex J. Esq. replied 1 year ago.
Hello. My name is XXXXX XXXXX I will be happy to answer your question.

I am sorry to hear about this unfortunate situation.

Are both you and your husband managing members of your LLC?
Customer: replied 1 year ago.


Yes, both of us are members I am Managing he is not

Expert:  Alex J. Esq. replied 1 year ago.
Thank you for your follow up.

Did your husband as the member of your LLC authorize and signed for the equity of the LLC to be used to secure bank credit line for his other company?
Customer: replied 1 year ago.


I ask the same question to him and he says no

Expert:  Alex J. Esq. replied 1 year ago.
Thank you for your follow up.

It would be illegal for any bank to use the equity of your LLC for the purposes of extending a credit line to another company to be used as collateral, either without yours or you husband's signed permission.

I suspect, that it is possible that somehow your husband might have signed off on this line of credit and simply either doesn't want you to know about it or possibly he might not even realize it himself.

It would be a good idea at this point for you to consult and retain local business law attorney who can look further into this situation and would be able to request all the documents related to this line of credit for another company that is using your LLC equity as collateral and review these documents and this situation to determine whether there is some type of fraud or illegal activity going on or whether it is your husband who has simply failed to tell you or failed to realize that he pledged LLC's assets as the collateral for his company's line of credit.

You can find an experienced local business law attorney by using this well trusted and reliable attorney information / referral websites:

www.martindale.com

www.lexmundi.com

www.lawyers.com

www.justia.com


I wish you the best of luck and please let me know if you have any related follow up questions.

Alex J. Esq., Attorney at Law
Category: Legal
Satisfied Customers: 13280
Experience: Experienced Licensed Attorney
Alex J. Esq. and 19 other Legal Specialists are ready to help you
Customer: replied 1 year ago.


Thank you very much for your help Alex this is good enough to confront them


Expert:  Alex J. Esq. replied 1 year ago.

I wish you the best of luck.

Please click on the "Excellent Service" feedback, so I can receive credit for my answer.

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