Legal Question in Civil Litigation in Virginia

Can a bank that has signed a contract for an SBA loan for an LLC secured by real property sue an individual for the amount due? It seems that that is a breech of contract and that they should take the real property.


Asked on 4/28/11, 5:40 am

1 Answer from Attorneys
Daniel Press Chung & Press, P.C.

In Virginia, a lender in that position can either sue or foreclose, or both. They are not required to choose one remedy or the other, although they are limited to just one recovery.

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Answered on 4/28/11, 5:44 am


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