Legal Question in Consumer Law in Michigan
my husband leased apiece of heavy equipment and put another piece of heavy equipment up as additional collateral, he also had a $ 50,000 down payment. he had a terminal illness and could no longer work and make the payments. they said we could have someone else take over the lease payments. they sold both pieces of equipment to this person. why wouldnt we get our collateral back?
Asked on 12/08/10, 10:14 am
1 Answer from Attorneys
Shelly Schellenberg MI & FL
private practice
The answer to your question depends on the lease documents as well as the collateral agreeement. You need to take eveything to an attorney who specializes in business law and UCC. This is not consumer law.
Answered on 12/13/10, 12:38 pm
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