Legal Question in Business Law in Washington
I loaned a trucking company operating money backed by his trucks as collateral. He hasn't made payments for 4 months. I have tried to restructure his loan, and work with him but the money is just not there. How do I go about collecting the collateral? Do I need to formalize my desire to take the collateral?
Asked on 11/04/14, 10:42 am
1 Answer from Attorneys
Charles Cruikshank
Cruikshank Law Office-Since 1975
It all depends on what your agreement with the borrower says and how it is documented and how the security agreement is perfected. No one can tell you what to do next until these questions are considered.
Answered on 11/04/14, 4:55 pm
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