Register
Log In
Forget your Password?

Home
Directory
Bulletins
Forums
Blogs
Articles
Links
Classifieds
About Us
Contact Us
Advertise
FAQ
Privacy Policy


Discussion
<< get older messagesget newer messages >>
to post a message: login - or - register | search messages | show all replies



[-] ANYONE KNOW WHERE THESE COMPANIES ARE???? - SARAH CIRAOLO/NY (15 replies)
3/16/2005 9:43:13 AM (2371 views)
Re: ANYONE KNOW WHERE THESE COMPANIES ARE???? - Jay Duncan
3/16/2005 9:48:51 AM (2865 views)
Re: ANYONE KNOW WHERE THESE COMPANIES ARE???? - SARAH CIRAOLO/NY
3/16/2005 6:57:14 PM (2607 views)
WELL WELL WELL .... PPA - Lisa Ramsey/TX
3/16/2005 10:01:11 PM (2804 views)
Re: WELL WELL WELL .... PPA - Glenda Hodge/TN
3/17/2005 1:29:55 AM (2792 views)
Re: WELL WELL WELL .... PPA - Lisa Ramsey/TX
3/17/2005 10:19:41 AM (2821 views)
Re: ANYONE KNOW WHERE THESE COMPANIES ARE???? - Barbara Bennett/IN
3/17/2005 2:41:30 PM (2792 views)
Re: ANYONE KNOW WHERE THESE COMPANIES ARE???? - Peggy Jacobson/ID
3/17/2005 6:14:59 PM (2741 views)
Re: ANYONE KNOW WHERE THESE COMPANIES ARE???? - SARAH CIRAOLO/NY
3/18/2005 11:15:10 AM (2708 views)
Re: ANYONE KNOW WHERE THESE COMPANIES ARE???? - Judy Nisonger/CA
3/19/2005 12:19:04 PM (2669 views)
Re: ANYONE KNOW WHERE THESE COMPANIES ARE???? - Barbara Bennett/IN
3/19/2005 1:16:43 PM (2716 views)
Re: ANYONE KNOW WHERE THESE COMPANIES ARE???? - Kevin Ahern/CT
3/19/2005 2:10:59 PM (2658 views)

Barbara,

You first should determine if they have filed for bankruptcy or closed their doors. If they have filed a petition for bankruptcy, all you can do is file a proof of claim with the bankruptcy court. As an unsecured creditor you will probably wind up with pennies on the dollar if you are lucky, and in most cases you will not get anything regardless of whether it is a reorganization or a liquidation...shades of the Bridgespan problem last year. If you try to sue them after they filed for bankruptcy, you may find yourself in contempt of the court's order for an automatic stay of proceedings.

In the future you may want to run a D & B on a new client before extending large amounts of credit to them. If they indicate that they would like more credit monthly, and you are not comfortable with the D & B results, you could ask them for security for the line of credit. You would have a financing agreement and a financing statement drafted, signed and properly recorded. This would make you a secured creditor in the event of a future bankruptcy.

If you were performing your services for corporations or LLC's and they have closed their doors, you can sue these business entitites. However, there will probably be little if anything left to satisfy the judgment if you win.This becomes harder to collect with the passage of time. You would very possibly spend more trying to collect than you would collect if you won the case.

There are other alternatives if the corporate officer/manager or the LLC's manager failed to observe the corporate/LLC formalities when they signed the contract. If someone has signed the agreement without disclosing the identity of the corporation or LLC or the representative capacity in which he signed (i.e. President,Secretary, Vice-president, Managing Member), he becomes personally liable to you for the work you did.

I just won a suit last month involving a contract in which the defendant failed to identify his LLC or his position as a managing member. He just signed his name, part of the LLC's name, and indicated that he was the owner.He now has to pay my client the judgment against which he thought the LLC protected him. His personal assets and home are subject to satisfaction of my client's claim. For reasons like this, I normally advise my clients to have a rubber stamp made up to disclose this information when entering a contract. In order to retain the protection of the corporate/LLC shield you need to both be properly filed and in good standing with the state. It also is criticle to make certain that you are disclosing both the complete identity of the company and that you are signing in your representative capacity when entering a contract.

There is also another alternative if someone co signed the contract in his personal capacity or as a guarantor he also becomes personally liable to you. However, this is a long shot unless you requested him to do so up front.

to post a reply: login - or - register


Re: ANYONE KNOW WHERE THESE COMPANIES ARE???? - george Hubka/MI
3/21/2005 8:28:40 AM (2669 views)
Re: ANYONE KNOW WHERE THESE COMPANIES ARE???? - Kevin Ahern/CT
3/21/2005 12:15:23 PM (2682 views)
Re: ANYONE KNOW WHERE THESE COMPANIES ARE???? - Barbara Bennett/IN
3/21/2005 3:03:59 PM (2642 views)
Re: ANYONE KNOW WHERE THESE COMPANIES ARE???? - Lisa Ramsey/TX
3/21/2005 6:04:11 PM (2653 views)

[+] EXCUSE ME PLEASE - SOMETHING IS WRONG WITH THIS PICTURE! - Lisa Ramsey/TX (6 replies)
3/15/2005 10:05:56 PM (2278 views)

[+] Absolute Prop. Services Info ?? - george Hubka (10 replies)
3/15/2005 7:25:26 PM (2366 views)

[+] May I Suggest....?...? - Robb Grandon/OH (3 replies)
3/14/2005 11:43:15 PM (2079 views)

[+] HOME CONNECTS??? - monica froese/ME (5 replies)
3/14/2005 9:31:48 PM (2429 views)




[+] Title Direct out of MN - Rachel Homer/OR (3 replies)
3/14/2005 6:59:43 PM (2247 views)

[+] ATM Corporation out of Coraopolis, PA - Douglas Johnson/MN (9 replies)
3/14/2005 4:49:40 PM (2276 views)

Texas folks - Spencer Kinsey/AR
3/14/2005 11:46:55 AM (1511 views)

[+] email replacing faxes? - Donna Grady/NC (9 replies)
3/12/2005 9:07:44 PM (2102 views)

[+] Need feedback - PLEASE!! - Michaela Urban/OH (9 replies)
3/12/2005 3:43:39 PM (2123 views)

[+] TitleWeek Debut... - Robert Franco/OH (2 replies)
3/11/2005 7:26:48 PM (2011 views)

[+] Anyone out there from bayou territory - Kevin Ahern/CT (9 replies)
3/11/2005 6:15:24 PM (2009 views)

Shellington Title Service - martha campbell
3/11/2005 5:41:08 PM (1601 views)

[+] York County Vermont? - Anne Gilbert/VT (1 reply)
3/10/2005 7:57:56 AM (2086 views)

[+] Electronic Recordings - Judy Nisonger/CA (23 replies)
3/9/2005 9:57:52 PM (2736 views)


<< get older messagesget newer messages >>

DISCLAIMER: These Message Forums are un-moderated and Source of Title does not endorse the content of any of the posts. Source of Title discourages libelous comments and you, as the sole creator of the content, take full responsibility for your remarks.
Directory

The Source of Title Business directory has 8956 listed companies.

Leave feedback on a company:
SOT ID #:  learn more...
DRN Title Search
Blogs

Read other users' blogs-- or start your own!

Most Recent Blog Posts:

Creative Ways Millennials and Gen Z Are Approaching Homeownership
Marissa Berends's Blog
2025/07/02
0 comments

How Another War in the Middle East Could Impact the Housing Market
Marissa Berends's Blog
2025/06/30
0 comments

The Aging of the American Homebuyer: A 40-Year Shift and Its Economic Impact
Marissa Berends's Blog
2025/06/20
0 comments

Articles

Source of Title articles help to keep you informed on the state of the title industry.

NAR Secures Major Wins for Real Estate in Landmark Tax Reform Bill
“For months, REALTORS® across America have been at the forefront of tax reform, making sure Congress understo...
Title Resources Group Announces Executive Management Transition
Title Resources Group (TRG), the nation's fifth largest title insurance underwriter, announced today the appointment of ...
Mortgage Applications Increase in Latest MBA Weekly Survey
“Mortgage rates were lower across all loan types last week, with the 30-year fixed rate declining to its lowest le...
Stewart Group Senior Vice President, Direct Operations and President of Stewart Title of California Wyomia Clifton Honored with HousingWire's 2025 Women of Influence Award
Clifton currently oversees operations across nine states in her role as Group Senior Vice President, Direct Operations a...
Rocket Companies Completes Acquisition of Redfin
The companies also today introduced Rocket Preferred Pricing. Clients who finance their home through Rocket Mortgage and...

Search Articles:
browse...

Classifieds

Buy, sell, or trade! Browse the ads or post your own!

© 2020, Source of Title.