Posted by miles on December 17, 2003 at 21:00:54:
Eric,
Thanks a lot for the advice.
miles
how to put a lien on an unsecured note - Posted by miles
Posted by miles on December 17, 2003 at 24:55:09:
A friend of mine borrowed emergency money from me with no interest for 1.5 months. She drew up a promissory note with no interest, no collateral specified. As the due date is approaching, I am wonder what I can do with the note? can I put a lien against her property?
Re: how to put a lien on an unsecured note - Posted by Eric Evans
Posted by Eric Evans on December 17, 2003 at 20:29:25:
Done a lot of research in the area of debt collection and from what I have read and seen you have nothing except a piece of paper right now. You will likely win a judgement against her if she does not pay you back , but will have to go to court to get that. After you have a judgement and she still does not pay then you can put a lien on anything she owns, tap her bank account, pull money from her bank account or the easiest and most effective way is to set up a payroll garnishment. Al difficult things and a pain but can be done. Bad part about a lien is depending on the size of the judgement, it will likely not force a sale and you will be last in line to get paid when it does sell. Start with court and get a judgement and go from there. A local clerk of court will be able to help you with collecting the judgement, not a promissary note between friends… Good luck.