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What is the best way to repossess the business (Restaurant)

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for non payment of the...
What is the best way to repossess the business (Restaurant) for non payment of the monthly payment for the debt. Restaurant being security for the note.
Submitted: 3 years ago.Category: Business Law
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6/9/2015
Business Lawyer: CalAttorney2, Attorney replied 3 years ago
CalAttorney2
CalAttorney2, Attorney
Category: Business Law
Satisfied Customers: 10,244
Experience: I am a businesses law attorney, with experience advising and representing owners and investors.
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You need to sue the debtor for breach of contract to enforce the debt. Unfortunately, repossession works for very specific types of contracts (such as auto loans, where the vehicle can be repossessed under the terms of the contract and state law). A restaurant is not subject to repossession laws, so while it is possible to gain ownership over the business, to do this you need to go through the breach of contract process. Short of filing a lawsuit, you can try to mediate the dispute with them - contact your local bar association and request referrals to mediators, a third party neutral can often help you reach a mutually agreeable resolution. Use the bar association's referrals to contact a mediator or two, the mediator will then contact the other party to set up a mediation session, and you can go from there - hopefully resulting in a formal or written settlement agreement, and save yourself the time and expense of litigation.
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