Legal Question in Credit and Debt Law in Florida

Secured promissory note question

I received a loan from a creditor, and provided, as security, 30% of the shares of a privately held company that I own. The collateral is ''sole security for the loan''. I can not repay the loan. The person believes that they have the right to 30% of shares of the company(which is correct), but that the loan is still owed in addition to the collateral conveyed (in other words, he wants both). I explained that he may liquidate the collateral in any way they want, but my obligation is ended once I hand over the collateral. He actaully believes that if the loan is extended, that he keeps both. By the way, the PN does not state that the borrower can come after me if there is a deficiency. Any advice?

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