Legal Question in Business Law in Florida
forfeiture of assets that exceed debt owed
Asked on 2/28/15, 2:14 pm
1 Answer from Attorneys
William Gwaltney
William W. Gwaltney, Attorneys at Law
Not sure if that is a question.
However, generally speaking if an asset is seized involuntarily and it is sold for more than the debt owed, you may be entitled to recover the overage, minus reasonable costs for the recovery, storage and sale of the asset. Provided there are no other creditors claiming a right to the proceeds. If you voluntarily surrender the asset without an agreement as to the overage then you will probably lose out.
Answered on 3/02/15, 7:50 am
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