Contract breached

[tacimus]

What is the name of your state (LA)?
I have a contract with someone that refuses to pay or return collateralized property. I suspect he may have sold property. Is this now a criminal matter and how do I proceed?

 

[FlyingRon]

You need to explain what the property is and how it was "collateralized." Absent something with a security instrument (a lien or other encumberance), it's doubtful that anything criminal has happened. Of couse we can't even begin to talk about the breach of contract without knowing the nature of that.

If you have more than a few dollars involved, take the contract to an attorney.

 

[tacimus]

I have a purchase agreement,an itemized bill of sale, a promissory note and a security agreement itemizing collateral. In the security agreement debtor agreed:


Debtor shall pay to Secured Party the sum or sums evidenced by the promissory note or notes

executed pursuant to this Security Agreement in accordance with the terms of the note or notes.

The collateral will not be removed from the Premises other than in the ordinary course of business.

Debtor will immediately notify Secured Party in writing of any change in Debtor's address. The

Debtor will not sell, dispose, or otherwise transfer the collateral or any interest therein without the

prior written consent of Secured Party, and the Debtor shall keep the collateral free from unpaid

charges, taxes, and liens. Debtor shall maintain insurance at all times with respect to all collateral

against risks of fire, theft, and other such risks and in such amounts as Secured Party may require.

The Debtor shall make all repairs, replacements, additions, and improvements necessary to

maintain any Collateral in good working order and condition.

This is what we agreed to and signed.

 

[Zigner]

I have a purchase agreement,an itemized bill of sale, a promissory note and a security agreement itemizing collateral. In the security agreement debtor agreed:


Debtor shall pay to Secured Party the sum or sums evidenced by the promissory note or notes

executed pursuant to this Security Agreement in accordance with the terms of the note or notes.

The collateral will not be removed from the Premises other than in the ordinary course of business.

Debtor will immediately notify Secured Party in writing of any change in Debtor's address. The

Debtor will not sell, dispose, or otherwise transfer the collateral or any interest therein without the

prior written consent of Secured Party, and the Debtor shall keep the collateral free from unpaid

charges, taxes, and liens. Debtor shall maintain insurance at all times with respect to all collateral

against risks of fire, theft, and other such risks and in such amounts as Secured Party may require.

The Debtor shall make all repairs, replacements, additions, and improvements necessary to

maintain any Collateral in good working order and condition.

This is what we agreed to and signed.

You will want to consult with a local attorney who can review your agreement in full and advise you. That is beyond the scope of this forum. I can tell you that this is almost definitely NOT a criminal matter (ie: the police will tell you to sue the guy.) Best of luck to you.