The bank rights are governed by the security agreement. If the property
is still available then
it appears it is not abandoned absent some overt act. If the bank was
paid in full then
the agreement is satisfied and the collateral should be released. Again
the collateral agreement governs. Your client should get a receipt. Yourclient is in the drivers seat if they can
prove satisfaction. A non-judicial opinion. Good Luck
Good Luck starts with a strategy and a plan. The time is now to lower 2012taxes.
Robert J. Suhajda, MS,CPA
17721 Norwalk Blvd. #43
Artesia, CA 90701
562-924-8922
Tax Relief Lawyer. Former financial auditor and controller. Admitted to USTax Court, Income Tax, IRS representation, Fiduciary income tax returns,
Estate and Gift tax returns,
In a message dated 2/20/2013 11:29:07 A.M. Pacific Standard Time,
legalsos4u@yahoo.com writes:
Dear List Mates;
Despite several emails and letters and phone calls to the bank, the bank
has failed to pick up about $13,000 worth of misc. music products (strings,
used equipment). This includes setting a date and time for them to come tothe storage shed to pick up all the items listed in the BK petition. I have
repeatedly warned them that if they don't pick up the items, we will
consider them abandoned. Now, after the discharge, the bank leaves a message for
the client to call them. I call them and blast them for contacting my
client directly, and told them they abandoned the collateral for failure tocollect the goods over the past several months after providing numerous notices. The question is: 1) whether the discharge has cut off any rights; 2)
whether the failure to collect the goods was an abandonment; 3) since the bank
is paid in full under the terms of a SBA loan, whether they have the rightto the collateral or the government?
Thanks,
Stephen M. Stern, PC
The bank rights are governed by the security agreement. If the
property is still available then
it appears it is not abandoned absent some overt act. If the bank was
paid in full then
the agreement is satisfied and the collateral should be
released. Again the collateral agreement governs. Your client should
get a receipt. Your client is in the drivers seat if they can
prove satisfaction. A non-judicial opinion. Good Luck
Good Luck starts with a strategy and a plan. The time is
now to lower 2012 taxes.
Robert J. Suhajda,
MS,CPA
17721 Norwalk Blvd. #43
Artesia, CA
90701
562-924-8922
Tax Relief Lawyer. Former financial auditor and
controller. Admitted to US Tax Court, Income Tax, IRS representation, Fiduciary
income tax returns, Estate and Gift tax returns,
In a message dated 2/20/2013 11:29:07 A.M. Pacific Standard Time,
legalsos4u@yahoo.com writes:
Dear List Mates;Despite several emails and letters and phone calls
to the bank, the bank has failed to pick up about $13,000 worth of misc. music
products (strings, used equipment). This includes setting a date and time for
them to come to the storage shed to pick up all the items listed in the BK
petition. I have repeatedly warned them that if they don't pick up the items,
we will consider them abandoned. Now, after the discharge, the bank leaves a
message for the client to call them. I call them and blast them for contacting
my client directly, and told them they abandoned the collateral for failure to
collect the goods over the past several months after providing numerous
notices. The question is: 1) whether the discharge has cut off any rights; 2)
whether the failure to collect the goods was an abandonment; 3) since the bank
is paid in full under the terms of a SBA loan, whether they have the right to
the collateral or the government?Thanks,Stephen M. Stern, PC
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