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I gave a couple a business loan and they have both signed a personal guarantee. Can they sell off assets?

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gregrutlidge Joined: 21 Jan 2011 Posts: 1 1.00 Dollars($)	Posted: Fri Jan 21, 2011 4:37 pm    Post subject: I gave a couple a business loan and they have both signed a Like 0 Dislike 0 What can I do if they default on the loan. They both signed a personal guarantee and both have real estate and money i dont know if the property is paid for or not Also, I put a lien on the company and assets but they became incorporated and changed the name. Can they sell off assets if there was a lien put on everything by me just because they are now incorporated and changed the name?
jameshogg Joined: 20 Dec 2005 Posts: 10460 Location: Nevada 987.57 Dollars($)	Posted: Sun Jan 23, 2011 10:45 pm    Post subject: Like 0 Dislike 0 Hi gregrutlidge, If you have given them a loan, then they will not be able to sell off the property without your permission. You can take legal help in this regard and your attorney will guide you in a better manner. Thanks

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