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    moondoggy62's Avatar
    moondoggy62 Posts: 2, Reputation: 1
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    #1

    Jul 7, 2012, 02:37 AM
    Collecting on a Note
    I hold a promissory note that was defaulted on still owing $1000 and is secured by collateral of a motor vehicle. The motor vehicle does not have a lien on the title. How can I get the rest of the money owed and the collateral? This happened in AZ. If I have to go to court does it have to be where the note was signed?
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
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    #2

    Jul 7, 2012, 04:04 AM
    Why did you not put a lien on the vehicle ? When they signed the note, you file a lien. Nothing at this point stops them from selling the vehicle.

    Normally yes, where ever the business deal occurred is where you sue at, unless your note says otherwise.
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
    Computer Expert and Renaissance Man
    		  
    #3

    Jul 7, 2012, 07:19 AM
    The note is a lien on the vehicle. You should have filed the note with the DMV when it was signed. However you can still do so.
    moondoggy62's Avatar
    moondoggy62 Posts: 2, Reputation: 1
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    #4

    Jul 8, 2012, 12:46 AM
    Automobile Title Lien
    I have a signed notarized Promissory Note secured by collateral of a vehicle can I use the Note to obtain a lien on the title of the vehicle?
    AK lawyer's Avatar
    AK lawyer Posts: 12,592, Reputation: 977
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    #5

    Jul 8, 2012, 05:08 AM
    You will need to check with the DMV in your jurisdiciton. It may be that a vehicle lien can only be created through use of the form on the title certificate.
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
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    #6

    Jul 8, 2012, 05:10 AM
    Please don't start multiple threads for the same issue. I've merged your threads. If you have any further follow-up, please reply to this thread.
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