breech of promisary note

[michal1013]

i sold a dumptruck to a friend for 5000 dollars.he agreed and signed a promisary note to pay the money back weekly in the amount of 200 a wk.i signed the title over to him for insurance reasons.he has only made two payments a yr ago.can i reposess this truck for breech of his promissary note.i live in s.fla.
thank you,
michael

 

[I AM ALWAYS LIABLE]

My response:

No. You signed away all "rights and title" to the truck when you signed to title over to him. As far as the State is concerned, that truck belongs to him.

So, all you have is that piece of paper that says he promises to pay you. Therefore, your only recourse is to sue him.

IAAL