Legal Question in Credit and Debt Law in Tennessee

Collecting a personal loan in Full

We loaned $12,000 to my now ex-son-in-law to start a landscaping business in 2005. I have a promissory note stating the loan - signed by bot parties. If he jumps dumps the equipment on me (like a repossession of a car when you fail to pay the bank) what are my options - must I take the equipment, can I still sue him to collect the deficit after sale of the equipment, can I regain with interest this debt - or will him giving me his equipment wipe his slate clean and leave me with half the loan as a loss?


Asked on 2/14/08, 4:53 pm

1 Answer from Attorneys
Robin Gordon Gordon Law Group, PLC

Re: Collecting a personal loan in Full

You may pursue him for the balance of the monies owed; whether he can surender the equipment will be controlled by the loan agreement and I cannot render an opinion without reviewing the documents

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Answered on 2/15/08, 9:25 am


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