Help! Notice to Turnover Collateral???

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Help! Notice to Turnover Collateral???

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This is a discussion on Help! Notice to Turnover Collateral??? within the Ask the Attorneys? forums, part of the FREE Help Online category; So, of course, we get this certified letter from our bank on a Friday when we're unable to reach an ...

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08-21-2009, 09:41 PM	#1 (permalink)
Monkeymama Junior Member Join Date: Aug 2009 Posts: 3 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Help! Notice to Turnover Collateral??? So, of course, we get this certified letter from our bank on a Friday when we're unable to reach an attorney to get more info... Our small business went under and we are having to walk away from our commercial property and file personal BK. We receive this letter stating that in 10 days a rep from Wells Fargo will show up at our building to collect "all documentation related to any and all accounts, inventory and equipment. In other words, they are taking possession of the "collateral". Now, some equipment was bought specifically for this business, but much of it we had owned previously and simply used it in this building. Our original loan docs do not specify any "collateral", other than our house. Do they have the right to come in and take whatever they want? Does the trustee for the BK take higher priority than the lender? Or are business assets not included in a personal BK? Sorry for rambling--just freaking out about all this and having so little notice. Thank you in advance!