Legal Question in Business Law in Georgia

Security Interest--LLC

My half of business owned by my ex and me in Georgia was $500K, which our attorneys (in Florida) structured thus: he is to pay in monthly installments for 2 years, then no payments for 2 years, then a balloon after 4 years. He was also to give me a mortgage on the real estate which is owned by him and his partner in an LLC. What he sent was a mortgage that he alone executed--as an individual, which I've been told is worthless. I've been fighting for over a year, but he won't provide anything else. Is the personal mortgage he executed worthless, and what should he give me? He's in bad health, the business isn't going gangbusters like it did, and I'm afraid I'll end up with nothing. Thank you!


Asked on 7/10/07, 6:00 pm

4 Answers from Attorneys
Scott Riddle Law Office of Scott B. Riddle, LLC

Re: Security Interest--LLC

That is a question for the lawyer who you paid to assist you with these transactions, or one who can review the documents and provide good advice. No one can tell you anything about documents we do not have, or advise you on what should be done, based on 2-3 sentences.

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Answered on 7/10/07, 6:49 pm
Glenn M. Lyon, Esq. MacGREGOR LYON, LLC, Business Attorneys

Re: Security Interest--LLC

Many portions of your postings are unclear. Specifically, I'm not sure what you mean by "gave me a mortgage." You should speak with a Georgia business attorney, not one in Florida unless he is licensed in Georgia as well.

If you would like to discuss any issues further, please feel free to contact my office. My contact information is below. Thank you.

The foregoing is general information only, not specific legal advice. No attorney/client relation has been created or should be implied.

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Answered on 7/10/07, 6:55 pm
Charles W. Field Charles W. Field, Attorney at Law

Re: Security Interest--LLC

There are too many questions that need to be answered, as well as documents that need to be reviewed to give you a reliable answer. Consult with a local attorney.

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Answered on 7/16/07, 5:32 pm
Johm Smith tom's

Re: Security Interest--LLC

Consult an attorney ASAP. It sounds like you need to sue for breach of contract before you lose out on any assets remaining.

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Answered on 7/11/07, 12:33 pm


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