two friends, two loans, two defaults

[LenoreH]

What is the name of your state? California

I have two separate loans out to "friends" who have defaulted on each of them, both of them being four months late in payments and not getting back to me when I've called them.

Both have contracts. The first contract was for a personal loan that states that if the borrower defaults that they've put up collateral of an antique japanese bar which they have always had an excuse not to deliver to me. Do I have any legal right to just go get it?

The second contract doesn't actually stipulate any provisions for defaulting on payments but the item is a tent trailer and I'm wondering if I have the right to just repossess and resell it?

In either case, what is the proper procedure paper-wise in all this in case (heaven forbid) it ends up in small claims court. And, yes, I'll never loan to friends again.

Thank you for your help.... Lenore

 

[JETX]

"Do I have any legal right to just go get it?"
*** If you in fact have a valid security interest in that property, of course you can go get it. The problem will be, what will you do when they stop you at the door?? Or when you try to leave with it?? Or any of a myriad of other things??

"The second contract doesn't actually stipulate any provisions for defaulting on payments but the item is a tent trailer and I'm wondering if I have the right to just repossess and resell it?"
*** This tent trailer is a title vehicle. As such, unless they signed over the title to you, you have no right to self-help claim it.

"In either case, what is the proper procedure paper-wise in all this in case (heaven forbid) it ends up in small claims court. And, yes, I'll never loan to friends again. "
*** Pretty simple. Go to court. Get forms. Fill out. Return to court. Pay filing fee. Etc.

 

[LenoreH]

Thank you JetX.

Since the first contract was with a second degree black belt, I may pass on the bar pickup.

I still retain title to the tent trailer. It was never signed over because I hadn't received full payment.

Lesson learned. Thanks again.