Legal Question in Banking Law in Minnesota
automobile
I barrowed $23000 against a collector car from my bank.
They apprased it at $30,000.
I was injured, and could not make the payments.
They went to my storage and took the car and my personal belongins without notification.They sold the car for $9000. Now they have threatened me with a judgment for the difference.
What can I do?
Asked on 4/03/07, 1:43 pm
1 Answer from Attorneys
David Anderson
Anderson Business Law LLC
Re: automobile
Who agreed to the initial appraisal? As you have guessed, this is all about valuation. Their sale must comport with "commercial reasonability."
I have represented banks in the past and have 25 yeqars experience in business law. Call or email for additional help.
Answered on 4/03/07, 2:09 pm
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