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<p>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.<br>
</p>
<pre class="moz-signature" cols="72">Kary L. Krismer
206 723-2148</pre>
<div class="moz-cite-prefix">On 8/2/2020 10:13 AM, Kary Krismer
wrote:<br>
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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>
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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"
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