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<p>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).<br>
</p>
<p>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.<br>
</p>
<p>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?<br>
</p>
<pre class="moz-signature" cols="72">Kary L. Krismer
206 723-2148</pre>
<div class="moz-cite-prefix">On 8/2/2020 9:32 AM, Kristina Driessen
wrote:<br>
</div>
<blockquote type="cite"
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<p class="MsoNormal"><span
style="font-size:14.0pt;font-family:"Arial",sans-serif;color:black"><o:p> </o:p></span></p>
<p class="MsoNormal"><span
style="font-size:14.0pt;font-family:"Arial",sans-serif;color:black">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.
<o:p></o:p></span></p>
<p class="MsoNormal"><span
style="font-size:14.0pt;font-family:"Arial",sans-serif;color:black"><o:p> </o:p></span></p>
<p class="MsoNormal"><span
style="font-size:14.0pt;font-family:"Arial",sans-serif;color:black">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.<o:p></o:p></span></p>
<p class="MsoNormal"><span
style="font-size:14.0pt;font-family:"Arial",sans-serif;color:black"><o:p> </o:p></span></p>
<p class="MsoNormal"><span
style="font-size:14.0pt;font-family:"Arial",sans-serif;color:black">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?<o:p></o:p></span></p>
<p class="MsoNormal"><span
style="font-size:14.0pt;font-family:"Arial",sans-serif;color:black"><o:p> </o:p></span></p>
<p class="MsoNormal"><span
style="font-size:14.0pt;font-family:"Arial",sans-serif;color:black">Looking
for the best practice and/or the expedite way to accomplish
the same and your experts thoughts.
<o:p></o:p></span></p>
<p class="MsoNormal"><span
style="font-size:14.0pt;font-family:"Arial",sans-serif;color:black"><o:p> </o:p></span></p>
<p class="MsoNormal"><span
style="font-size:14.0pt;font-family:"Arial",sans-serif;color:black">Thanks
in advance<o:p></o:p></span></p>
<p class="MsoNormal"><span
style="font-size:14.0pt;font-family:"Arial",sans-serif;color:black"><o:p> </o:p></span></p>
<p class="MsoNormal"><span
style="font-size:14.0pt;font-family:"Arial",sans-serif;color:black"><o:p> </o:p></span></p>
<p class="MsoNormal"><i><span
style="font-size:10.0pt;font-family:"Bookman Old
Style",serif;color:black">Kristina A. Driessen<o:p></o:p></span></i></p>
<p class="MsoNormal"><span
style="font-size:10.0pt;font-family:"Bookman Old
Style",serif;color:black">“A” Street Legal Services,
Inc. P.S<o:p></o:p></span></p>
<p class="MsoNormal"><span
style="font-size:10.0pt;font-family:"Bookman Old
Style",serif;color:black">Attorneys at Law<o:p></o:p></span></p>
<p class="MsoNormal"><span
style="font-size:10.0pt;font-family:"Bookman Old
Style",serif;color:black">16 A Street SE<o:p></o:p></span></p>
<p class="MsoNormal"><span
style="font-size:10.0pt;font-family:"Bookman Old
Style",serif;color:black">Auburn, WA. 98002<o:p></o:p></span></p>
<p class="MsoNormal"><span
style="font-size:10.0pt;font-family:"Bookman Old
Style",serif;color:black">(253) 939-0811<o:p></o:p></span></p>
<p class="MsoNormal"><span
style="font-size:10.0pt;font-family:"Bookman Old
Style",serif;color:black">(253) 939-0471 fax<o:p></o:p></span></p>
<p class="MsoNormal"><span
style="font-size:10.0pt;font-family:"Bookman Old
Style",serif;color:black">astreetlegalservices.com<o:p></o:p></span></p>
<p class="MsoNormal"><u><span
style="font-size:10.0pt;font-family:"Bookman Old
Style",serif;color:black"><a class="moz-txt-link-abbreviated" href="mailto:kristina@rdattys.comcastbiz.net">kristina@rdattys.comcastbiz.net</a><o:p></o:p></span></u></p>
<p class="MsoNormal"><span style="font-size:12.0pt;color:black"><o:p> </o:p></span></p>
<p class="MsoNormal"
style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto"><b><span
style="font-size:9.0pt;color:black">CONFIDENTIALITY NOTICE</span></b><span
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