O
Outdoorsman21
Guest
What is the name of your state? TN
When leaving employment at a privately held corporation I was required to sell my stock in the corp.--was given a promissory note to meet payment terms over 3.5 years as per the stockholder agreement (which is kind of gray on "payment in full" for sold stock). First annual payment was made to me, did not include interest as promissory note stated and then when tried to cash check--would not clear at bank (3 attempts). What recourse do I have to collect not only the outstanding payment but the entire loan amount (about $26,000) from the company. They seem to have a history of this inability to meet the terms of a promissory note. The company has significant assests (as do the owners who have personnal guarantees for many of the corporations debts).
When leaving employment at a privately held corporation I was required to sell my stock in the corp.--was given a promissory note to meet payment terms over 3.5 years as per the stockholder agreement (which is kind of gray on "payment in full" for sold stock). First annual payment was made to me, did not include interest as promissory note stated and then when tried to cash check--would not clear at bank (3 attempts). What recourse do I have to collect not only the outstanding payment but the entire loan amount (about $26,000) from the company. They seem to have a history of this inability to meet the terms of a promissory note. The company has significant assests (as do the owners who have personnal guarantees for many of the corporations debts).
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