[WSBARP] DOT/Promissory Note

[Kary Krismer]

One other issue.  If the old LLC has a judgment or lien against it, 
which may be likely since it's defunct, by going to a new DOT you'd move 
junior to that other interest.

Kary L. Krismer
206 723-2148

On 8/2/2020 10:13 AM, Kary Krismer wrote:
>
> 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
>>
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>>
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>>
>> astreetlegalservices.com
>>
>> _kristina at rdattys.comcastbiz.net_
>>
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