Legal Question in Credit and Debt Law in Tennessee
Loan default
Had a business loan with a partner.Both parties put up equal assets. Contacted bank before loan interest was due.They said would send notice.60 days later no conatact from bank an auctioneer shows up to say property is in forclouse and will be auctioned off in 15 days. I am able to pay off the loan. do they have to legally notify I'm in default.
1 Answer from Attorneys
Re: Loan default
The bank absolutely has to give you notice of default and its foreclosure. Sending an auctioneer there is not proper notice. You should check the terms of your loan documents. I suspect the bank was foolish not to notify you by registered mail. They may claim they notified your business partner. I would go into the Chancery Court for your county, file suit against the bank, and ask the Chancellor for a temporary restraining order barring the foreclosure sale of property.
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