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hi. what right do i have to holding a companies stock until…

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hi. what right do i...
hi. what right do i have to holding a companie's stock until they make good on a loan that is due to me. I lent a sum of money on a short term basis and am yet to get it back. I also have a huge shed which was being used to store their product. I have since left the company as an employee, and they have taken a new distributor in Melbourne. I have released the stock to go except for the value of which is owed to me.
Submitted: 8 years ago.Category: Australia Law
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Answered in 12 hours by:
6/17/2010
Solicitor: Brisbane-Lawyer, Solicitor - Admitted 2005 replied 8 years ago
Brisbane-Lawyer
Brisbane-Lawyer, Solicitor - Admitted 2005
Category: Australia Law
Satisfied Customers: 14,361
Experience: I did my law degree at the University of Queensland
Verified
At law you would have what is known as a lien over the property. What you need to do to protect yourself, however, is have your lawyer write them a letter stating you will sell the stock to recover the outstanding loan amount if the loan is not paid off by X date.

That way, if the police come knowing on your door, you can show them a copy of the letter which should be sufficient for them to tell the company to pursue the matter through the Court.

If my answer has been helpful or informative, please press the Accept button. I am also able to answer further questions after accepting.
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The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

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