Legal Question in Business Law in Washington
Where To Begin To Collect On Loan
We lent a guy a lot of $ he was supposed to have paid back in 2 years, if not the excavator he bought was to be collateral. He traded the excv. for a different one. It's been 4 yrs & we need to collect. where do we begin?
1 Answer from Attorneys
Re: Where To Begin To Collect On Loan
Where you begin depends on what sort of written documentation you have. Depending on what your written agreement with the debtor says, you may or may not be able to attach the title of the new excavator. (I assume you did not do anything with the title on the old one, or he would have been unable to sell it.) You may also have other remedies, again depending on what the documents with the debtor say. Without reviewing those documents, it is impossible for an attorney here to give you much direction.
For this reason, you may want to talk with an attorney in person.
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