Legal Question in Business Law in Washington

If an owner of a PLLC has their personal vehichle repossed, can the lending bank place a lein against the PLLC? and Can the bank hold the individaul accountable for any or all of the remaining balance after the vehichle is repossed? For instance, if the bank sells the repossed vehichle at auction, can they hold the person accountable for any loss they inccure for the sale of the vehichle? This personal vehichle was just repossed last night. (7/7/10)


Asked on 7/08/10, 6:33 pm

1 Answer from Attorneys
Kevin B. Murphy Franchise Foundations, APC

Any attorney will say the PLLC will not be responsible for a personal auto debt, unless it co-signed the auto loan note, etc. The bank will hold the individual liable for any difference between what they sell it for and the loan balance, plus attorneys fees, costs, etc. This is standard language in auto loan notes. Consult with an attorney in your area for specifics.

Kevin B. Murphy, B.S., M.B.A., J.D. - Mr. Franchise

Franchise Attorney

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Answered on 7/09/10, 3:03 am


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