Legal Question in Credit and Debt Law in Pennsylvania

We sold our business and after 7 years we were to receive the balance of the money that the buyers owed us. It never happened and we claimed the assets which included 4 vehicles. However they(buyers) hid 2 of them and 2 they locked and took the keys and titles. What legal ground do we have to get new titles, thus having the 4 trucks?

Asked on 5/25/12, 2:10 pm

1 Answer from Attorneys

What do you mean by "we claimed the assets?" You have no claim unless you held a lien on the vehicles or you were some other type of secured party which gave you the right to seize any collateral in which you held a security interest.

It is a crime to conceal assets which are collateral and in which a secured party has an interest.

The question is, do you have a security interest in the assets like the vehicles or not? If the answer is no, then you are not entitled to take the vehicles absent some kind of court order. In such case, you would need to see a business collections or business law attorney and discuss whether you can get pre-judgment attachment of assets.

If you have a valid security interest and the buyers are concealing assets, you may want to initiate criminal charges. You may also want to employ the services of a private detective to see if the vechicles can be located. If so, you may be able to have them repossessed.

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Answered on 5/25/12, 3:14 pm

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