Last year, a local business purchased a bulldozer from me for use in their commercial construction business for $150,000.00. They financed the purchase by paying me $10,000.00 down and agreeing to pay the balance in equal monthly installments plus 8.9 % interest over 60 months. In return for my agreement to finance the balance, they gave me a security interest in the bulldozer. I filed a financing statement with the State giving notice to all that I retain a security interest in the bulldozer. Unfortunately, two years after purchasing the bulldozer, the construction company is losing money. In an effort to stay afloat they sold my bulldozer to another contractor for $100,000.00. They have refused to answer collection efforts. Can I sue them. If so for what? And what can my legal theory be.
Execute your lien against the new owner of the bulldozer and then let them go after the people that sold it to them.
