Is there recourse in collecting on missing payments for a trailer to a private party?
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Is there recourse in collecting on missing payments for a trailer to a private party?
My father sold a trailer to a neighbor with terms that they were to pay 500 per month for 8 months until they were able to raise the final payment. Total was to be 15k. Dad received 4 payments then the 5th payment bounced. There has been no payments since for 2 months. They are not returning phone calls. Does dad have any recourse? Dad does still hold the title.
Asked on January 6, 2012 under Bankruptcy Law, Oregon
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
If your father holds title to the trailer that he was selling to a private party, he can bring an action for breach of the contract against the buyer or foreclose on the security (trailer) assuming he has a security agreement as part of the sale for the item.
I suggest that your father carefully read all documents concerning the sale to figure out the best way to proceed on the agreement that has been breached. One key issue is whether your father has possession of the trailer or not. I suggest that your father consult with an attorney who practices law in the area of business transactions.
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