If I made a land loan to an LLC and the owners signed a personal guarantee but we foreclosed due to lack of payment, if I received a judgement against the now dissolved LLC, can I collect against the owners?
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
If I made a land loan to an LLC and the owners signed a personal guarantee but we foreclosed due to lack of payment, if I received a judgement against the now dissolved LLC, can I collect against the owners?
I made the loan over 6 years ago and we foreclosed 5 years ago. I tried to get in touch with the lawyer we used 3 years ago to see how to proceed and the costs involved but it appears he may have moved. Can you help?
Asked on January 22, 2013 under Bankruptcy Law, Oregon
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 11 years ago | Contributor
You need to take the paperwork to an attorney to review here. This is not the forum since things really need to be read to help. It is my understanding that judgement sin Oregon are good for 10 years. But I see problems here since although the owners signed the note personally you may not have sued them and a judgement against a dissolved LLC could be an issue depending on where the LLC was incorporated. For example, if it was a Delaware LLC the law there requires that you resolve all outstanding judgements so they could not really get away with not paying. And most states have laws that would "adopt" for lack of a better word - the law of the state in which the LLC was formed. If there are assets still available is an issue and if you were properly "established" as a creditor at the time of dissolution is also an issue. Good luck.
IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.