Legal Question in Business Law in Florida

Business Loan

We are holding a note for the couple that bought our business back in Florida. For the past 4 months, they have been late on their payments and to date, just made their August Payment. If they continue, can I attach their home? In the contract I can seize the business, but how do I do a legal lock out? Do the new bankruptcy laws pertain to business loans as well?


Asked on 9/16/06, 7:35 pm

1 Answer from Attorneys
Roger Traversa Arjont Group (Law Office of Roger Traversa)

Re: Business Loan

You asked what to do about managing a note you hold on a business you sold.

My sincere hope is that you can go back to the attorney who either drafted the note or helped you negotiate the note and have him/her enforce the acceleration clause. But considering you are asking for advice on a free service that is probably not an option. You need to have your note reviewed by an attorney to see what options s/he can provide to secure the performance on the note, acclerate the note or to foreclose on the note.

There probably isn't a whole lot of wiggle room and you need to engage counsel immediately to protect your rights.

Regards,

Roger Traversa

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Answered on 9/16/06, 8:17 pm


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