michael33904
New Member
Mississippi
I am a 50% member of a Delaware LLC that is licensed to do business in Mississippi.
Events:
LLC received grant/contract to build 125 homes from Mississippi Development Authority.
Required a $250K irrevocable letter of credit in leu of surety bond.
The other 50% partner who is also the managing member put up the cash into escrow.
Due to economy we could not get home buyers financed.
He decided he wanted his $250K back which required a voluntary withdraw from the program.
He cut a deal with the state to forfeit a model home appraised at $112K (that I paid 50% to build) as part of the withdraw agreement that would get him back his $250K without penalty.
I want the money that I put into the house. As a member can I put a lien on the model home?
I am a 50% member of a Delaware LLC that is licensed to do business in Mississippi.
Events:
LLC received grant/contract to build 125 homes from Mississippi Development Authority.
Required a $250K irrevocable letter of credit in leu of surety bond.
The other 50% partner who is also the managing member put up the cash into escrow.
Due to economy we could not get home buyers financed.
He decided he wanted his $250K back which required a voluntary withdraw from the program.
He cut a deal with the state to forfeit a model home appraised at $112K (that I paid 50% to build) as part of the withdraw agreement that would get him back his $250K without penalty.
I want the money that I put into the house. As a member can I put a lien on the model home?
