loan agreement promissory note
If I sue this guy do I have a chance of winning?
I signed a promissory note for an equipment loan for a Johnny Rockets. This note was separate from the loan of the franchise. While in construction the owner was going to jail, but didn’t tell me.
While in jail I contacted this person who gave me the name of the key man.
While still in jail the owner signed over the restaurant to this key man, but did not include the equipment loan. I got the new owner” to negotiate the responsibility of the equipment. Soon after he refused to signed the the agreement . Two years later the bank threatened to repossess the equipment. The key man/owner walked away from the restaurant. The bank went after me. for $ 200.000.00. I got a judgment from the original owner but he is broke. My question. Do I have a case against the key man/ owner. Can someone tell me where to go for such advise.
If the new owner never signed any agreement with YOU, you should have immediately called the loan. If you chose not to, you cannot later try to allege some inferred liability.
Fact is, you allowed him free use of your credit, and now you’ve been burned.
Talk to your lawyer, but I think you’re out of luck. All you can do is seize the assets and try to sell them for whatever you can get.
