Legal Question in Credit and Debt Law in Georgia
I am 50% owner of a construction company, my mother ownes the other 50%. When my father got sick about 2 years ago I used the equipment and some properties myself and my father had bought for collateral to pay off some of the family debt,the loan was taken out in my name. He has been deceased for 1 1/2 years and the equipment was recently tagged in my mothers name. Now my mother is sueing me for all of the equipment, that im currently using to pay this debt off. What should i do to keep the equipment or how can she take this equipment if the equipment is tied up in these loans? Can she be held responsible for any of this debt if she does take the equipment?
3 Answers from Attorneys
You've been sued - get a lawyer. No one here can possibly give you answers based on a couple sentences of your side, with no documents, etc.
You may consider filing a counterclaim based on the advice given from your attorney. There are several claims that come to mind, including, but not limited to, dissolving the business. Who took out the loan is only one indication of partial or full ownership. If the assets belong to the business, neither of you may be entitled to possession unless and until the business is dissolved and all liabilities are paid off.
You should strongly consider hiring a local attorney who is experienced in corporate/business law. Of course, be mindful that you are on a tight timeline to hire an attorney and file an answer/counterclaim.
Also licensed in Georgia and practicing in the Atlanta Metro Area.
I don't see how you could have legally pledged company property as loan collateral when you only own halfthe company. Given that, and the fact you have gotten sued, you have a legal emergency and need a lawyer. You may have defenses and counterclaims, but you lose those 30 days after you were served. Hire counsel today.
Related Questions & Answers
-
How can i get out off an time share property deed? Asked 11/22/11, 5:32 pm in United States Georgia Credit, Debt and Collections Law
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
