Do I have the legal right to repossession if I sold a mobile restaurant to a friend on terms and he resold it for a profit but still has not paid me?
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Do I have the legal right to repossession if I sold a mobile restaurant to a friend on terms and he resold it for a profit but still has not paid me?
He left a deposit, took possession and attempted to operate it. He then resold the unit for a profit but refuses to pay the balance owed to me. I know who he sold it to and where it is.
Asked on November 14, 2014 under Business Law, Michigan
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 9 years ago | Contributor
No, you do not have a right to repossession unless there is a signed agreement between the two of you providing a security interest and right to reposses in the event of nonpayment or some other default. Without establishing a specific security interest, all you can do is sue for damages--i.e. you can sue to get the money he should have paid you.
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