Business Debt, Collections bad loan

[jfwb]

I have a loan which came due in july of 2014. when it did the lender asked me to sell the collateral, (motorcycles), and pay him the money. i had been working on a deal that would have satisfied the loan and have been keeping the lender informed through the entire process. the buyer and i have had a falling out. the lender and buyer have been working on a deal in which i would surrender the collateral still be responsible for the loan and an additional $40k, (not interest). both the lender and buyer have been convicted of SEC violations. question 1: are they required to disclose the terms of their agreement to me? 2: am i bound by an agreement that i was not a part of? 3: what are the consequences of my not turning over the collateral?

The situation is far more bizarre and ludicrous than the short explanation describes. Thanks for any help.

 

[disagreeable]

Nothing illegal. In fact I am surprised they have not already taken action to take possession. You can caste all the stones you wish. You are dead in the wrong on this loan.

 

[army judge]

I have a loan which came due in july of 2014. when it did the lender asked me to sell the collateral, (motorcycles), and pay him the money.

What was the original amount of the loan?
You say the loan is secured with motorcycles as collateral.
Are you certain the loan is legitimate? How do you know its legitimate?

i had been working on a deal that would have satisfied the loan and have been keeping the lender informed through the entire process. the buyer and i have had a falling out. the lender and buyer have been working on a deal in which i would surrender the collateral still be responsible for the loan and an additional $40k, (not interest).

Why on earth would you persist with this folly?
If things are as troubled as you reveal, this is the time you investigate BANKRUPTCY.

both the lender and buyer have been convicted of SEC violations. question 1: are they required to disclose the terms of their agreement to me? 2: am i bound by an agreement that i was not a part of? 3: what are the consequences of my not turning over the collateral?

My goodness, man or woman, why would you do any kind of business with peopel convicted of SEC violations?
That may also be your way out, however.
Some people convicted of certain crimes are enjoined from engaging in similar transactions.

The situation is far more bizarre and ludicrous than the short explanation describes. Thanks for any help.

You should discuss bankruptcy with two or three different BK attorneys.
If this is as bizarre as you suggest, you don't want to troll the internet seeking FREE advice, that may make things worse.
I'd also have a LA licensed attorney review the "loan" documents.
You might NOT be involved in a legitimate "loan" after all.