Article Date:
December 2009


Word Count:
580

 

 

Buyer Defaults on Business Seller’s Take-Back Loan


Some years ago, I sold my company’s assets. As part of the transaction, I took back a note for $250,000. After making 10 payments, the buyer declared bankruptcy.

 

We took the matter to court and won a judgment in my favor for the unpaid $200,000, including a lien for this judgment against the buyer’s real property.

 

Now, several years later, I have yet to collect a dime of the unpaid monies. Worse, the bank is in line ahead of me ... Log in to view full article.

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