We purchased a truck from one of our suppliers and made monthly payments to that
company. The truck was paid for in full by 12/27/2005. In January, 2006, we
purchased about $11,000.00 worth of supplies from this company but we went out
of business shortly thereafter and could not repay them immediately. We worked
out a payment schedule with them and faithfully make those payments each month.
Our dilemna is that they will not relinquish the title on the truck and are
using it as collateral for this debt. Can they legally do this and do we have
any recourse?
Thank you.
company. The truck was paid for in full by 12/27/2005. In January, 2006, we
purchased about $11,000.00 worth of supplies from this company but we went out
of business shortly thereafter and could not repay them immediately. We worked
out a payment schedule with them and faithfully make those payments each month.
Our dilemna is that they will not relinquish the title on the truck and are
using it as collateral for this debt. Can they legally do this and do we have
any recourse?
Thank you.
