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I have a promissory note that was written to an LLC

Denver, CO |

The note was for a large amount and was written to an LLC in Colorado. The person received a majority of the money directly ($370k to her and only $50k written to the LLC) and a year after the note was written she said the LLC was out of business and wouldn't pay me anything. I just found out that she changed the name of the business a year later with the Colorado Secretary of State. What can I do?

Attorney Answers 3


Your question involves complicated issues that turn heavily upon the terms of the promissory note. You need to have an attorney review the instrument to better advise you of your rights. Most significantly, you're going to want to know whether the Note is secured by any property of any kind--real or personal. If not, there may be some improprieties with the conversion of the borrower's identity. In any event, it's impossible to give you a good answer without reading the terms. You may contact me to discuss your matter further at 720-379-5480. Good luck

I am a Colorado-licensed lawyer, but I'm not your lawyer until we sign an attorney-client fee agreement. The response offered is general; you should contact an attorney to obtain legal advice for your particular situation. If you wish, you can contact me at (720) 379-5480 and set up a free consultation to discuss your specific legal needs.

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As stated, it's complicated. If the debtor is refusing to pay, you will need to hire an attorney in Colorado to sue, and given the nature of the issues (conversion of identity, alter-ego, etc.), doing so won't be cheap if the debtor defends.

At a minimum, you will want a Colorado attorney to review the situation and options.

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1. The next time you lend that much money have a lawyer review the documents. Get the person herself on the note along with the LLC.

2. So she got the money directly even thought it was lent to the LLC ? I am not a Colorado lawyer but it sounds like you have arguments that she did not respect corporate formalities and you may be able to get the judgment against her. You may also have a few other arguments re her and the new business

3. Get a lawyer right away and go after the money before she disburses it to relatives.

Sorry this happened and good luck

Greg G

This answer is not intended to provide legal advice and you should always consult a qualified lawyer in your state who has had the opportunity to discuss all aspects of your matter with you and review all applicable documents before making any decisions on your matter.

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