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Recent Collateral questions

I run a pawn shop in Denver area and a customer asked me if

I run a pawn shop in Denver area and a customer asked me if I could pawn his Harley Davidson stored in a public storage locker close to my pawn shop. He wants to keep his Harley stored in the locker allowing me to add my own lock to get sure he does not access the Harley. He is a regular customer and I trust him - that is not the problem.BUTWhat about the law - am I allowed to agree to a pawn deal where the collateral is stored in a facility belonging to a borrower - outside my business location?Consider that the borrower is paying the rent of the locker and continuing to pay during the pawn term.

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Law Educator, Esq.

Attorney At Law

Doctoral Degree

108,056 satisfied customers
I have an unsecured business loan through Kabbage for my

I have an unsecured business loan through Kabbage for my business (LLC). Due to situations outside of our control I have fallen behind in repayment, but trying to work with them to repay. They have indicated that they will file a lien against my business and I'm nervous of the personal affects this will have against me and my personal property, car and home. My questions is can they come after my personal belongings? My wife and I jointly own our home and I don't want her to feel the affects of my business debt.JA: Can you tell me what state the LLC is registered in?Customer: South CarolinaJA: Has anything been officially filed? If so, what?Customer: Nothing yet. I have been working with Kabbage to establish a repayment plan, but thus far the amounts they have required are far above and beyond what my business is currently generating in revenue.JA: Anything else you want the lawyer to know before I connect you?Customer: Not that I can think of. Thank you.

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legalg

Juris Doctorate

13,780 satisfied customers
I receiced a summons on a secured personal loan. HELP,

I receiced a summons on a secured personal loan. HELPJA: Because laws vary from state to state, could you tell me what state is this in?Customer: sptbg, s.c.JA: Have you talked to a lawyer yet?Customer: not yet, left message. amount is only 2,500, but fail on hard times and on social security..low income. now amout is much largerJA: Anything else you think the lawyer should know?Customer: they have listed items on the papers for security that I never mentioned

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Barrister

Attorney/Landlord/Realtor

Doctoral Degree

47,122 satisfied customers
I am a bank manager my son's company is a bank client we did

I am a bank manager my son's company is a bank client we did a loan for the company I had to sign as a guarantor of the loan they requested a release of lien on a piece of collateral I submitted the request through the proper department I am being accused of violating a code of ethics snd my 16 year career threatened. Am I at risk?

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Alex Esquire

Managing Attorney

Doctoral Degree

22,090 satisfied customers
I have a loan that's collateral-based and personally

I have a biz loan that's collateral-based and personally guaranteed. my lender a credit union , does have the financial strength that the ncua guidelines call for. If the Feds take over , would that effect me negatively or positively or not at all.

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KJLLAW

Juris Doctorate

1,172 satisfied customers
I need help understanding "Res Judicata/Collateral

I need help understanding "Res Judicata/Collateral Estoppel".I am involved in a civil case in which I am being sued for breach of a franchise contract. The plaintiff has thus far only demanded a monetary judgement of $220K. But, has made it know to me that they intend and expect to take possession of my business.In a previous case, in which a very large numbers of franchisee's withdrew from the company, as I have, only a monetary judgement was passed. Would the Res Judicata/Collateral Estoppel prevent something like a cease and desist from being issued?

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CalAttorney2

Attorney

Doctoral Degree

20,082 satisfied customers
You have helped several times already regarding the sell of

Good morning,You have helped several times already regarding the sell of our business and we thank you. Now we find ourselves with more questions that we hope you can help with.We want to take immediate possession back of the center due to what we believe is default under our Security Agreement with Debtor. Here is the letter we have drawn up but is this legal? Besides what is specifically written below, we deem itself insecure for the following reasons. Debtor has not shown any interest in the property and has not been onsite since closing a month ago. She has assigned this business to her spouse to take care of all obligations. We have recently learned he has over $200,000 in judgements from several things including Fedral tax liens (multiple) and business and lease related. We do not have full information on the debtor herself but know she also has several past judgements. This being the case, along with the information below is why we deem insecure. We would like to change locks immediately and take possession immediately because we are now concerned that his access of taking all payments and not using them to pay obligations, will cause immediate harm to the business and our interest in the Collateral. We are concerned that employees will also not be paid as the debtor or her assigned person has already messed up the last payroll that I had to fix and does not know (or is willing to learn) how to do it correctly. He comes only to pick up checks and does not always meet the dead lines of providing the business with it's immediate needs for the children in care to be properly cared for (necessary supplies) so we have some immediate concerns. Again, we are in MN. Thanks"This is to notify you that you are now in default of your obligations under the above written contract as a result of13.(a) Non-payment, when due, of any amount payable on any liabilities or failure to observe or perform any term hereof; Your failure to make the lease payment due July 1st, 2016 Your failure to make payment, transfer and secure a required license (Institutional Kitchen License), due on June 13, 2016; after given several verbal opportunities and assistance to cure.(b) if any covenant, warranty or representation shall prove to be untrue in any material respect;Your failure to secure proper insurance protection, failure to have it delivered and held by Secured Party, Failure to include loss payable clause in favor of the Secured Party and failure to include debtor and landlord as additional insured(i) if Secured Party deems itself insecure for any reason. Secured Party deems itself insecure in good faith and reasonably believes, after consideration of all the facts and circumstances then existing, that the prospect of payment and satisfaction of the obligations under this Agreement, or the performance of or observance of the covenants in this Agreement, or the value of its collateral is materially impaired. You haveImmediate: In the event of default, Secured Party shall have the right, at it's option without demand or notice to declare all or any part of the obligations due and payable; and in addition, Secured Party may exercise, in addition to the rights and remedies granted hereby, all of the rights and remedies of a Secured Party under the Uniform Commercial Code or any other applicable law. "

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Loren

Juris Doctor

37,080 satisfied customers
Two clients were married and owned shares of several

Two clients were married and owned shares of several businesses. In the divorce, one client gave all the shares to the other. The divorce was closed via mediation and filed with the courts.Fast forward many months later and the client who was to sign over the shares refuses to do so. Is the filed mediation papers enough for the client who is to receive the shares to prove she now owns the shares?What does she need to do to move forward?Her attorney has contacted his attorney, but his attorney keeps stalling saying he is out of contact with his client.

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Dwayne B.

Juris Doctor

35,746 satisfied customers
How do I collect on my UCC lien in NJ? I filed a claim in

How do I collect on my UCC lien in NJ? I filed a claim in February and I want to collect equipment in a restaurant that has not been paid. What are my next steps? How do I get in the store. Also, I am afraid the landlord may try to keep equipment. Please advise.

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Albert Marmero

Juris Doctorate

356 satisfied customers
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