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    jennymac's Avatar
    jennymac Posts: 1, Reputation: 1
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    #1

    Oct 30, 2009, 11:00 AM
    How to collect on Default Busiiness Promissory note
    I have a promissory note on a business I sold that secures the Restaurant I sold and the Assets included. The buyer is in default and behind payments. How do I legally keep the buyer from removing the assets and leaving me high & dry? How do I seize the property
    this8384's Avatar
    this8384 Posts: 4,564, Reputation: 485
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    #2

    Oct 30, 2009, 11:24 AM
    Quote Originally Posted by jennymac View Post
    I have a promissory note on a business I sold that secures the Restaurant I sold and the Assets included. The buyer is in default and behind payments. How do I legally keep the buyer from removing the assets and leaving me high & dry? How do i seize the property
    We need a bit more information. Did you own the building that the business was operating out of? What type of "assets" did you include with the sale?

    What does the contract say? How far behind is the purchaser?
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