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I sold my business last July on a 24-month payment plan (promissory

note), but now the buyer...
I sold my business last July on a 24-month payment plan (promissory note), but now the buyer is falling behind in payments. It's a client-based, service business. What legal recourse can I take if the buyer continues to fall behind in payments?
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Answered in 5 minutes by:
5/1/2012
Richard
Richard, Attorney
Category: Legal
Satisfied Customers: 55,810
Experience: Attorney with 29 years of experience.
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Welcome to JA! I will do my best to help you. Please be aware, however, that I am only able to provide information and cannot offer specific advice!

 

Good afternoon. Along with the note, did the buyer also sign either a Security Agreement or a Deed of Trust giving you a security interest or lien on particular assets as collateral for the note?

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Customer reply replied 5 years ago
No security agreent or deed of trust.

Thanks. In that case, if the buyer will not pay the note voluntarily, a seller will have to file a suit against the buyer to get a judgment. Once the suit is filed and a judgment is awarded the seller, then the seller becomes a judgment creditor and can have the sheriff serve a summons on the buyer for a debtor examination. That forces the buyer to meet the judgment creditor in court and answer questions under oath about all the buyer's assets. After the that information is obtained, the judgment creditor has the power to attach bank accounts, and/or have the sheriff seize other property of the buyer to satisfy the judgment.

 

I hope this has given you information that has been helpful to you. If the information seems more general than specific, please be aware that we are only allowed to provide information and not specific advice. If you have a follow-up question, please remember that there might be a delay between your follow up questions and my answers because I may be helping others or taking a break. If you need additional clarification on this question, please do not hesitate to click Reply and I will be happy to do what I can to help you further. Thanks for allowing me to be of service to you. Please be aware that the information provided here is not legal advice. Rather it is simply general information. All states have intricacies in their laws and any information given is simply information only and specifically is not intended to be, nor does it constitute, legal advice. This communication does not establish an attorney-client relationship with you. I hope this answer has been helpful to you.

Richard
Richard, Attorney
Category: Legal
Satisfied Customers: 55,810
Experience: Attorney with 29 years of experience.
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Richard
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