scottpetecarl
Junior Member
What is the name of your state? Texas
I hope this is the right forum.
I loaned money to a co-worker. He signed a document acknowledging that he owed me the money. He also signed a document stating that his car will be used as collateral and that I have a lein on the car and so if he stopped paying I can repossess the car.
Well he stopped paying. I told him I would take his car. It turns out he sold the car without telling me! I am hearing different things. That I can repossess the car anyway. That I don't have a lein because it was not recorded on the title. What can I do?
I hope this is the right forum.
I loaned money to a co-worker. He signed a document acknowledging that he owed me the money. He also signed a document stating that his car will be used as collateral and that I have a lein on the car and so if he stopped paying I can repossess the car.
Well he stopped paying. I told him I would take his car. It turns out he sold the car without telling me! I am hearing different things. That I can repossess the car anyway. That I don't have a lein because it was not recorded on the title. What can I do?