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Help!
I loaned an individual $10,000. which was secured by a note listing a vehicle as collateral. The borrower defaulted on the note and has sold the vehicle. The lien did not appear on the title but was registered at the lieutenant governor's office. Any thoughts on available remedies??
Posted : January 26, 2011 3:18 pm
A lawsuit for fraud perhaps
Posted : January 26, 2011 3:24 pm
Small Claims court for the defaulted note. No lien on the vehicle "shame on You", but you will still be able to collect if the court rules that your note meets the legal standard. Good luck and get a good lawyer.
Posted : January 26, 2011 4:50 pm
Lawyers are generally not allowed in small claims court and the max you can get there vary from state to state but is generally $3k some up to $5k. Is it different in the VI? We've used small claims here ourselves and it may be better to get $5k back from small claims then end up paying a lawyer a $5k retainer.
Posted : January 26, 2011 5:03 pm
The ceiling on Small Claims Court in the VI is $10,000. A LAWYER MAY NOT REPRESENT AN INDIVIDUAL IN SMALL CLAIMS COURT. However he can assist in filing moving papers and advise his client if he has a legal standing. Corp, partnerships must be represented by counsel in a Small Claims Matter in court. Contingency Fees are not 50/50:-o
Posted : January 26, 2011 6:03 pm
Thanks, that's good to know.
Posted : January 26, 2011 6:20 pm
