How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Law Educator, Esq. Your Own Question
Law Educator, Esq.
Law Educator, Esq., Attorney
Category: Business Law
Satisfied Customers: 116707
Experience:  All corporate law, including non-profits and charitable fraternal organizations.
Type Your Business Law Question Here...
Law Educator, Esq. is online now
A new question is answered every 9 seconds

My company sells recycled plastic materials to secondary markets.

Resolved Question:

My company sells recycled plastic materials to secondary markets. we supplied PET material to a company that makes fiber in S. Carolina US they exceeded there credit limit with us by $40,000   we worked with them and now they owe us approximately $23,000 but have not maid any payment as agreed in 45 days they are 275 days past due and I want to know can we file a lien or something to protect our self
Submitted: 8 years ago.
Category: Business Law
Expert:  Law Educator, Esq. replied 8 years ago.
Under the SC lien laws, you would have had to have sent them a notice of lien within 90 days of the last materials furnished. Once you send them a notice of lien and a verified statement of account of the debt, then you can file the lien with the recorder of deeds where they are located. As a company, this would need to be done by an attorney representing your company.

If you have missed the 90 day limit, which is strictly adhered to in SC, then your only option to preserve the claim is to file suit or seek collateral from the company to secure your debt and file a UCC-1 secured debt statement with the Secretary of State to perfect your security interest in the collateral the debtor is granting you an interest in.

I hope you found my answer helpful, please click on the GREEN ACCEPT for my answer. This is necessary for me to be paid for my work and so that I can get credit for assisting you. Your question will not close, and you will still have the opportunity to follow-up if needed. Leaving a bonus and positive feedback is not required, but doing so is certainly appreciated!

If you have additional questions, please keep in mind that I do not know what you already know or don't know, or with what you need help, unless you tell me. Please consider that I am answering the question or question that is posed in your posting based upon my reading of your post and sometimes misunderstandings can occur. If I did not answer the question you thought you were asking, please respond with the specific question you wanted answered.

Also remember, sometimes the law does not support what we want it to support, but that is not the fault of the person answering the question, so please be courteous.

There can also be a delay of an hour or more in between my answers because I may be helping other customers or taking a break.

Law Educator, Esq. and other Business Law Specialists are ready to help you

Related Business Law Questions