I am owed money

idaho. I am holding some possessions as colateral until I am paid the money that I am owed. I haven't heard from this person in 3 months and when does the colateral legaly become mine? It was a verbal agreement however he acknowledged that I could keep these possessions until he pays me by leaving a msg on my machine. I would rather sell these possessions to get back the money owed to me rather than try to collect from a small claims court decision. Please help!!!

fueljunkie said:

idaho. I am holding some possessions as colateral until I am paid the money that I am owed. I haven't heard from this person in 3 months and when does the colateral legaly become mine? It was a verbal agreement however he acknowledged that I could keep these possessions until he pays me by leaving a msg on my machine. I would rather sell these possessions to get back the money owed to me rather than try to collect from a small claims court decision. Please help!!!

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My response:

3 months is more than enough time for you to wait. He is in "default" on the contract and knows his collateral is subject to sale. That's the whole purpose of collateral - - not merely babysitting property.

Give him 30 days written Notice, by Certified Return Receipt letter, then go ahead and sell.

IAAL