Legal Question in Business Law in Arizona
I sold my business in 2006 through a broker and used a escrow co. on a promise note and buyer only made a few full payments and lost all acounts in the first few months.After working with buyer and reducing payments then letting them skip payments they quit paying all together.I have not seen any willing money from buyer since mid 2007.I did hire a attorney and I did recieve a judgment againest both buyers.I am now going through garnishment of wages of one person who the whole time has been working for his parents multi million dollar business and gets paid very well and pays all his bills but mine and says that he will just quit and then I will never see any garnishment.At time of sale I sold a truck and put on back of title that I was the lein holder. I have tryed to get truck back willing to sell and put procedes to total owed so I can help pay some attorney fees but buyer refuses and has used truck to help expand his same style business witch he has bought more trucks and equipment to make that company bigger but he claims he`s not making any money.So,my attorney said I must use a sheriff to repo truck but this cost money to do plus towing and impound and more attorney fees and then truck must be auctioned off then I may be in more debt to do this.My question is how can I get the truck back them knowing I have a lein on it and they never transfered title so I can get the title and I still have a key but the truck always being on there private proptery? It is amazing how someone (`s) can owe someone else over $100,000. and even have a judgement againest them and still not have to pay! I have spent upwards of over $12,000. in attorneys fees for this and still not a dime! Please help!
2 Answers from Attorneys
The tine for help was when you were selling the business. Didn't you get a security interest in the business, or some real estate that had equity or something else? Buyers defaulting in these situations is very, very common - so up front protection is required and pretty much standard if you spoke with any attorney. As things stand, you may be able to attach the income of the business you sold, as it comes in. It's a similar process to garnishing wages. You may also have to do what is legally called an "examination" to see what assets they have so you go after these. Consult with a good business attorney in your area for specific advice.
Kevin B. Murphy, B.S., M.B.A., J.D. - Mr. Franchise
Franchise Attorney
A review of the transaction documents and your judgment would be necessary in determining what rights you have regarding return of the vehicle and collection on the judgment. You're welcome to contact my office to discuss these matters.
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