Commercial Seller Financing payment deposited in wrong acct

[MABOATING]

Jurisdiction

North Carolina

Have a Promissory Note on a property that stipulates the Buyer must make the payment on time or cure a past due payment within 10 days. No written notice by Seller is required.

The Buyer is required by the Note to direct deposit the payment into a specific checking account by the LLC.

This month the payment was not made into the LLC checking account. It was deposited with the LLC name into a personal checking account.

So forclosure?
Notify to deposit in correct account and just transfer money to correct account?

There was history between the Buyer and I at the end and by "right of first refusal" he was able to purchase this property. I would not be hesitant to foreclose Just curious how to proceed. I think in this case I would need to notify him in some manner that deposits have to be made to LLC. I also think when he went to the bank he asked them to look up my account number otherwise I am not sure how he had it to deposit it in that account.

 

[zddoodah]

Have a Promissory Note on a property that stipulates the Buyer must make the payment on time or cure a past due payment within 10 days. No written notice by Seller is required.

Here's what I think this means: At some point in the past, you (or an LLC that you own and/or control) sold a piece of real property to someone. Part of the consideration for the sale was that the buyer executed a promissory note (containing the terms indicated), which is supported by a mortgage that has been filed/recorded against the property. Correct?

The Buyer is required by the Note to direct deposit the payment into a specific checking account by the LLC.

What LLC? Is the "Seller" an LLC? If so, what is your connection to the transaction? Are you a member of the LLC?

It was deposited with the LLC name into a personal checking account.

What does "deposited with the LLC name" mean if the the payment was deposited into a personal account? And whose personal account is it? Yours?

So forclosure?

Huh?

If the buyer mistakenly paid into your personal account, as opposed to the account of an LLC you own/control, why don't you just transfer the money yourself (and then send the buyer a friendly, written reminder to have the money deposited into the correct account)?

 

[adjusterjack]

Notify to deposit in correct account and just transfer money to correct account?

Yeah, that.

You got the money.

Otherwise you are just being an ahole.

 

[army judge]