Legal Question in Real Estate Law in Minnesota

Sale of Travel Trailer

I sold a trailer 18 months ago. The buyer and I worked out an agreement for her to pay it back in 18 mos. Well that time is here and now she wants to extend it. What can I do to protect myself and my assests which she does have possession of but not title. We wrote up a purchase agreement between the two of us but now it is out of date and I imagine void. What do I need to do to make sure I get my money from this woman? Is it legal to charge her interest for the this extention?


Asked on 5/09/09, 3:26 pm

1 Answer from Attorneys
Maury Beaulier612.240.8005 Minnesota Lawyers

Re: Sale of Travel Trailer

Unfortunately, the protection should have come in when you entered into the contract by reserving a secutity interst in the asset. If you did not do so, you have serious problems. You could only sue for what is owed. In exchange for the agreement to extend, you may be able to modify the contract to include a serity agreement. It would have to be drafted by a lawyer to be effective.

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Answered on 5/11/09, 12:31 am


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