Legal Question in Business Law in Texas
collateral loan
I made a loan to a couple of guys to help start a business in Nov. 2007. the loan was due Nov, 2008. The loan agreement included them buying some equipment that would be used as collateral for the loan. They did not buy the equipment. and the note is 75 days over due. Have they broken any laws. What can I do to get my money back
Asked on 1/08/09, 11:18 am
1 Answer from Attorneys
Eddy De Los Santos
Spain Hastings Ward Carey & Chambers
Re: collateral loan
We would need some additional information to evaluate the default of this loan. However, generally you can make a formal demand, if not already done so. If no response is received to the demand, then you may have to file suit. Let us know if you need any assistance with this matter.
Answered on 1/08/09, 2:35 pm
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