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

UPDATED: Mar 27, 2012

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

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 March 27, 2012 under Bankruptcy Law, Indiana


Hong Shen / Roberts Law Group

Answered 10 years ago | Contributor

You will have to go to court to sue the borrower before you take any actions like repossession.

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