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Delta-Lawyer
Delta-Lawyer, Attorney
Category: Legal
Satisfied Customers: 3546
Experience:  10 years practicing IP law and general litigation
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Here I go once again. As my husband is legally blind I have

Customer Question

Here I go once again. As my husband is legally blind I have to run and help him whenever he calls. Now here is my question:
In February of 2013 my husband gave his business partner $23,000 to buy a 5th wheel trailer for he and his family to live in. Both he and his wife signed a contract with us to pay us $503.00 every month until it was paid off. We have as yet to see any money from them. We have talked to his partner aabout it and his comment is always the same. "If I had any money you know I would pay you". My husband told me that when he dies I can file suite against them for non payment of contract. To make matters even worse, we recently found out that the partner had taken out a loan using the trailer as collateral. He did not make the payments on the loan and as a result he has hidden it so that the loan company cannot find it. I have talked to our company attorney and he told me that as he is the company attorney he cannot help me.
What are my options? What can i do do now?
Submitted: 1 year ago.
Category: Legal
Expert:  Delta-Lawyer replied 1 year ago.

I hope this message finds you guys well, present circumstances excluded. I am a licensed attorney with over a decade of legal experience handling matters of a similar nature. It is a pleasure to assist you today.

As a housekeeping matter, your company attorney is ethically barred from filing suit in this situation. He is correct here and you will need to hire another attorney (preferably local to you) to bring the suit.

What we have here is a classic case of breach of contract. You have a contract for the loan, which makes you the pri***** *****en holder on the property. As a result, you can sue them and at the very least, you can seize the 5th wheel and liquidate to get some money back. You can then write off the remaining amount on your personal income taxes.

That said, you are going to have to sue them and you need to sue them before long as the statute of limitations has begun to run against you. You have six years to sue from the date of the breach of contract in Utah for a written contract. This is arguably the first time he did not pay...which means that you are looking at March of 2019 (payment would have been due for first time in March 2013 as I understand it).

If you do not sue by that date for breach of contract, you arguably will not be able to do so as you will be barred by the applicable statute of limitations. I say you need to sue soon also because you need to be able to liquidate the asset before it loses all value. The sooner the better from that standpoint.

You can put them on legal notice with a certified letter and return receipt that if they do not begin payments immediately until you are paid in full, you will have to file suit.

If they do not, for any reason, you really only have one other option, which is to file suit.

I know that is tough and puts you guys in a tough spot, but legally, that is all that there is to it.

Let me know if you have any other questions.

Please also rate my answer positively (three or more stars), so I can receive credit for my advice.

Thanks

Expert:  Delta-Lawyer replied 1 year ago.

Just checking to see if you have any additional questions or comments. I want to make sure you guys are as comfortable as possible moving forward. Thanks!

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