Legal Question in Business Law in Texas

I'm helping my nephew with buying a vehicle after his divorce. We recently put the vehicle in his name to avoid any liability issues with me. He is divorced but due to being layed off from his job his ex-wife is saying she's going to get everything he has in his name. Although the vehicle is in his name he still owes me money for the vehicle. Is there some document we can create that would protect me, so she can't take the vehicle. I also loaned him money and he has a boat that I was using as collateral for the loan. This is all he has in his name. Again, what can I do to protect myself? Thanks


Asked on 2/08/10, 7:31 am

1 Answer from Attorneys
Darrel Behring Darrel D. Behring, PC

You need to place liens on his assets to secure the money he owes you. Specifically, you need a promissory note, financing statement and UCC filing statement that is properly filed. Your security interest should also be recorded on the vehicle title. The documentation should describe the source and manner of the loans you are securing.

Darrel

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Answered on 2/14/10, 7:26 am


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