Unpaid loan

[blacksheepe]

What is the name of your state (only U.S. law)? Arizona
We paid for repairs to an 18-wheeler our driver was buying from us. (His fiancé got financing for the purchase of the truck so we no longer own it.) We have a signed, notarized agreement with him and his fiancé (whose LLC owns the truck) regarding repayment of the money we paid for the repairs. They haven't lived up to the agreement for the repair loan. Now he needs work done on this truck, doesn't have the money for it, says he doesn't have money for his taxes (2017) and isn't working until the truck is fixed again. When asked when they are going to start making payments again we were told he has no income so won't be paying us. Part of the money we loaned was on a credit card and the rest was in cash. Someone told us to put a lien on the truck, but they owe more than the truck is worth. Do we have any legal recourse?

 

[Zigner]

What is the name of your state (only U.S. law)? Arizona
We paid for repairs to an 18-wheeler our driver was buying from us. (His fiancé got financing for the purchase of the truck so we no longer own it.) We have a signed, notarized agreement with him and his fiancé (whose LLC owns the truck) regarding repayment of the money we paid for the repairs. They haven't lived up to the agreement for the repair loan. Now he needs work done on this truck, doesn't have the money for it, says he doesn't have money for his taxes (2017) and isn't working until the truck is fixed again. When asked when they are going to start making payments again we were told he has no income so won't be paying us. Part of the money we loaned was on a credit card and the rest was in cash. Someone told us to put a lien on the truck, but they owe more than the truck is worth. Do we have any legal recourse?

I don't know why you think you can put a ien on the truck...

Your legal recourse is to sue the bad guy, but that may be throwing good money after bad.

 

[blacksheepe]

I don't know why you think you can put a ien on the truck...

Your legal recourse is to sue the bad guy, but that may be throwing good money after bad.

I didn't think or not think I could put a lien on the truck. Someone had told me that I could. So if he sold the truck I'd get my money. I know nothing about liens.
I'm afraid you're right and that we won't ever see our money unless we spend more and take them to court.

 

[PayrollHRGuy]

From a quick search of Arizona law it seems that other than the defendant simply paying you when you get a judgment there are two ways to collect a judgment, Writ of Execution and Garnishment of Wages. The Writ of Execution is where the Sheriff takes his stuff and sells it.

To do either you would first have to get a judgment against him by suing him.

 

[HRZ]

And be sure to sue her as well if she signed the note...