Legal Question in Business Law in Florida
Liquidation obligation on SBA loan
I have two questions pertaining to a default on an SBA loan through UPS Capital Business Credit.
I defaulted on the loan about a year ago and signed a voluntary surrender of all assets. They claim it is my responsibility to liquidate these assets. I assumed that once I sign it over to them, my obligation no longer exists.
Also, isn't the loan guaranteed by the SBA, therefore, if I default, the SBA reimburses UPS for the balance?
Asked on 4/24/09, 9:27 pm
1 Answer from Attorneys
Alan Wagner
Wagner, McLaughlin & Whittemore P.A.
Re: Liquidation obligation on SBA loan
If you transfered all assets to another party, then they are no longer yours to do anything with,
Answered on 4/24/09, 11:58 pm
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