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Law Educator, Esq.
Law Educator, Esq., Attorney
Category: Business Law
Satisfied Customers: 116807
Experience:  All corporate law, including non-profits and charitable fraternal organizations.
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i have a contract from a company that I borrowed money from

Customer Question

i have a contract from a company that I borrowed money from to buy a piece of equipment. it stated in contract that I was to operate equipment at a certain address. i was paying rent to operate said equipment at the address. The person I was paying for a space to operate the equipment was locked out of office 3 times in the last four months. i was becoming concerned the landlord would seize equipment for payment on rent. i moved equipment to different location. Am I in breaking the contract? i have not missed a payment. i am confused because company is upset about location. if I borrow money on a car, there is no expectation that it will sit at same address.
Submitted: 5 years ago.
Category: Business Law
Expert:  Law Educator, Esq. replied 5 years ago.
The company is upset because they have a security interest in the machines and this is why the location of the machines were in the contract. You needed to have notified the creditor in advance asking them for written permission to move the machines to a new location. At this point they will likely amend the contract that you are in breach of, but you need to send them written notice requesting to amend the contract and change the location of the machines and provide the new location.

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Customer: replied 5 years ago.
what will happen if I do no give location? my concern is cosigner on loan has threated to reposses machine.
Expert:  Law Educator, Esq. replied 5 years ago.
If you do not give a location, the lessor can sue for breach of contract to repossess and they can also file a complaint with the police for theft or impairment of a security interest.

The cosigner has no right to seize the equipment as long as you have paid up the lease on the machines and he is not being pursued for payments.