[WSBARP] DOT/Promissory Note

[Kary Krismer]

I cannot see why your seller would not still be secured or need to do 
anything as long as payments are being made referencing the debt.  If 
the DOT was valid when granted it seemingly would remain valid.  The 
only possible concern I see is statute of limitations, but I'm not even 
seeing that as an issue assuming I remember the law right on when the 
SOL starts to run on monthly payments (perhaps a big assumption).

As an analogy, if the grantor of the DOT was an individual and died, you 
wouldn't need to get a new DOT from the heirs.  Or if the old LLC had 
conveyed to another person/entity, you wouldn't need a new DOT from them.

And in any case, the new LLC probably would not be the grantor of a new 
DOT, at least not until they can claim by adverse possession or some 
such thing.  They seemingly are not in the chain of title at all.  
Wouldn't the members of the old LLC be the current owners?

Kary L. Krismer
206 723-2148

On 8/2/2020 9:32 AM, Kristina Driessen wrote:
>
> I have a client [LLC] who sold to an other LLC with personal guarantee 
> back in 2006. This was accomplished via DOT/promissory note with my 
> client being the bank.
>
> It just came seller’s attention that the buyer LLC was dissolved in 
> 2008. He opened a new LLC and has been paying every since. My client 
> has been sending the tax info to buyer in the name of the old LLC 
> since 2006.
>
> Fast forward to today.  Client obviously wants to secure his 
> interest.  What is the fastest way to do this…….Reconvey the original 
> DOT/promissory note,  and start over or can an assignment with seller 
> consent accomplish the same thing?
>
> Looking for the best practice and/or the expedite way to accomplish 
> the same and your experts thoughts.
>
> Thanks in advance
>
> /Kristina A. Driessen/
>
> “A” Street Legal Services, Inc. P.S
>
> Attorneys at Law
>
> 16 A Street SE
>
> Auburn, WA. 98002
>
> (253) 939-0811
>
> (253) 939-0471 fax
>
> astreetlegalservices.com
>
> _kristina at rdattys.comcastbiz.net_
>
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