What action can we take on a loan that hasn't been repaid?

Question Details: Our company loaned $55,000 for equipment and it's coming due next month. They still owe $40,000. We have a signed contract. Payment could be made in cash or materials but we have seen neither in some time. What recourse do we have? Can we just repossess the equipment ? We have filed a UCC lien.

Asked on 3/27/2012 under: Collections and Debt Indiana More Legal Topics ▼All States ▼