- Jurisdiction
- California
I am going to write out the contract verbatim (leaving out names) so you can get a mental picture. This contract was executed as written verbatim.
Start:
Oct 24, 2014, I Borrower do hereby agree to pay to the lender the sum of $9000. This loan is to be repaid in full no later than March 5, 2015, free from interest. if this loan is not paid in full then a vehicle, a 2006 Ford f-150, which is hereby used as collateral for said loan, a 2009 Ford Mustang owned by borrower shall be sold by lender to recuperate the $9000 lent and any remaining money received from the sale of the 2009 Mustang shall be given to borrower. the lender agree to use all resources available to sale vehicle at market value.
END;
The borrower did not pay the money back by March 5, 2015, and so, the lender sold the 2009 Mustang days after the borrower's deadline. The lender kept $9000 and contacted the borrower to come get the remainder. The borrower refused to get the remainder and said that the truck should have been sold since that was used as collateral and not the mustang. The borrower wants back the exact mustang that was sold.
My question : Who will prevail in court, borrower or lender?
Start:
Oct 24, 2014, I Borrower do hereby agree to pay to the lender the sum of $9000. This loan is to be repaid in full no later than March 5, 2015, free from interest. if this loan is not paid in full then a vehicle, a 2006 Ford f-150, which is hereby used as collateral for said loan, a 2009 Ford Mustang owned by borrower shall be sold by lender to recuperate the $9000 lent and any remaining money received from the sale of the 2009 Mustang shall be given to borrower. the lender agree to use all resources available to sale vehicle at market value.
END;
The borrower did not pay the money back by March 5, 2015, and so, the lender sold the 2009 Mustang days after the borrower's deadline. The lender kept $9000 and contacted the borrower to come get the remainder. The borrower refused to get the remainder and said that the truck should have been sold since that was used as collateral and not the mustang. The borrower wants back the exact mustang that was sold.
My question : Who will prevail in court, borrower or lender?