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How can I place a lien on property until I'm paid back money I lent my brother
2 years ago I loaned my brother $150,000 to get his business started. He has not paid any of the money back yet and gives me plenty of excusses why he can't yet. How can I place a lien against his assets until he pays me back all that he owes me? Also, if anything happens to him, can I still collect from his wife? They both signed, notorized, a contract with me saying they would pay the money back. I just want to make sure I am eventually paid back. Thanks.
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You get a Court Judgment first, then you enforce it by liening against his assets (if a lien is legal in your State, that is). If his wife signed the agreement, yes, she is a party to the contract and either one or both owes you the money. What is the wording in the contract? Is there a specific date by which you must be paid back or are there specific re-payment arrangements? If not, they are not in default. If it's not a hostile situation they could willingly agree to some type of collateral or lien by signed contract/agreement. |
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The wording of this contract is a key. If this was a personal contract between you and your brother and sister-in-law, then it depends on whether they are in default as to what you can do.
Since there is a contract in place, then you would need to take them to court and get a judgment before you can place a lien. Since the amount is beyond the scope of small claims court, this could get expensive. If your goal is to insure that the loan is repaid, you have done your job by getting the loan in writing. Your next steps will only become applicable when the loan is in default. If you wanted tangible property to ensure repayment then you should have used a promissory note that pledged the assets as collateral for the loan. |
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Yes, a legal contract has to have specific terms, so when was he to start paying, for how long was he suppose to pay. If for example the loan only says he is borrowing it and will someday pay it back, he may never had to pay it, since you made no specific time he had to start. If he is in default of the loan, you sue him, get a attachment of bank accounts, get a lien on property and more |
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