Legal Question in Civil Litigation in Illinois

can a person hold an item as collateral for a loan with another person?


Asked on 11/02/11, 9:19 am

1 Answer from Attorneys
Stephen Messutta

Yes. But without some documentation or other evidence to show it is just collateral, you run the risk that the person holding the collateral could sell it off and claim that was the deal......

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Answered on 11/03/11, 7:32 am


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