Legal Question in Credit and Debt Law in New York

Motorcycle Loan Default

My husband co-signed a loan for my brother to buy a motorcycle. If he is unable to make the monthly payments, do we have any rights regarding the actual motorcycle? My brother returns no calls and has moved to an undisclosed location. The motorcycle is supposedly being stored by a friend of his but we do not know where.


Asked on 1/05/05, 11:59 am

1 Answer from Attorneys
Guy Lewit Guy Mitchell Lewit, Esq.

Re: Motorcycle Loan Default

NO. you have no rights to the machine itself unless you had a written agreement between the parties. You do have the right to get from the co-borrower their fair share of the loan...but you are liable for the full amount to the lender. Of course, you have to find the co-borrower, sue him and get a judgment then find his assets, if any...The hidden cycle could be seized and sold, but the costs involved would probably eat up the value. Sorry.

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Answered on 1/05/05, 3:27 pm


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