Promissory note with stipulation, SOL.

Date: Tue, 08/21/2012 - 21:42

Submitted by anonymous
on Tue, 08/21/2012 - 21:42

Posts: 202330 Credits: [Donate]

Total Replies: 6

[SIZE=3]Greetings, I have a promissory note from a previous customer stating "Upon the saIe of (his aircraft) promise to pay (Me) $4,000. Said amount will be paid out of an escrow account to be established in the state of Utah (my home state) at the time of sale".[/SIZE] It's been seven years and there is no evidence he has sincerely attempted to sell the aircraft. I have possession of the A/C but no lien. I need my money now, for a medical issue and under-employment. How should I proceed? I'm about to part-out the aircraft for the monies owed! Thanks in advance, Jon S. SLC Utah

No time frame in the prom note?? Think you screwed yourself.

lrhall41

Submitted by SOAPLADY on Tue, 08/21/2012 - 21:46

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That's what I'm afraid of, that and the six year SOL has past. B

That's what I'm afraid of, that and the six year SOL has past. BUT, I have the airplane and a bunch of new parts!

lrhall41

Submitted by anonymous on Wed, 08/22/2012 - 07:08

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In court you would probably be able to argue the SOL since accor

In court you would probably be able to argue the SOL since according to the note, he is not even in default or made a payment....so the clock really has not started ticking.Actually he owns the plane and you could get in trouble/sued for selling it for parts unless you properly repo'd it.

lrhall41

Submitted by SOAPLADY on Wed, 08/22/2012 - 07:12

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Thanks for the input.. Repo'ed? Like put lien on it? This has g

Thanks for the input.. Repo'ed? Like put lien on it? This has gone on too long, he's done nothing about selling the A/C. Can't afford a $150+ hr lawyer, thinking about getting Legal Shield (just the service, not the MLM they pitch), maybe they have some input.

lrhall41

Submitted by anonymous on Wed, 08/22/2012 - 07:59

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If you did not specify a time frame in the original note, you wo

If you did not specify a time frame in the original note, you wont have a pot to piss in. You didnt define what is reasonable or what is not. Only stipulation is" when" it sells he must give you money. There is nothing in that indicates he "has" to sell or "is" selling...so really when and how he sells it would be up to him. You wrote the note???

lrhall41

Submitted by SOAPLADY on Wed, 08/22/2012 - 08:19

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No he wrote the note, probably with help from his shill lawyer.

No he wrote the note, probably with help from his shill lawyer. This is what I get for being overly trusting..

lrhall41

Submitted by anonymous on Wed, 08/22/2012 - 14:49

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