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My company sells recycled plastic materials to secondary markets.

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My company sells recycled plastic...
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: 9 years ago.Category: Business Law
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Answered in 16 minutes by:
12/2/2008
Business Lawyer: Law Educator, Esq., Attorney replied 9 years ago
Law Educator, Esq.
Category: Business Law
Satisfied Customers: 121,086
Experience: All corporate law, including non-profits and charitable fraternal organizations.
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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.

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Law Educator, Esq.
Category: Business Law
Satisfied Customers: 121,086
Experience: All corporate law, including non-profits and charitable fraternal organizations.
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