Question for the legal beagles here: if one party defaults on a private loan, and the loan was secured both personally and by his business’ assets, how exactly is collection done if it in fact comes down to that? Is the loan repayed using the individuals’ umbrella insurance if applicable, or business insurance?
I forgot when I posted this it was Friday :biggrin
I probably shouldn’t expect any responses to at least Monday ;D
Forclose on the UCC lein. Hire a collection attorney if the proceeds of the asset sale don’t satisfy the loan.
Attorney would be filing the complaint. Wouldn’t business and umbrella insurance pay the amount of the complaint?
What makes you think insurance repays loans? Umbrella policies are for liablility.Where is the negligence in this case.
Would an illegal filing of a private placement memorandum with the SEC be considered negligence?
I’m not a securities lawyer. You need an attorney familiar in this area to review the case and determine the merit. Insurance will settle if the claim is valid and covered by the policy. You are SOL otherwise.
Any other attorneys that might be able to answer the securities question?
You could always ask an attorney who works for the SEC.