a loan with collateral
I lent a so called friend 10000.00 and he put up his tools as collateral he made his first payment and now he refuses to pay me the rest how do I go about collecting the collateral that he put towards the loan ?
Re: a loan with collateral
If you have an agreement that would likely identify the process you'd have to pursue. If you just have a promissory note, the terms of the note would instruct. In the absence of an agreement and a note, you would have to establish the default, take your "friend" to court and hope you could prove the loan, the default and the collateral for same. Once you got a judgment you could begin to enforce it by taking the collateral and, if that were not sufficient to repay the loan, go after other assets like a bank account. If you wish to discuss this further please contact me.
