In Texas, when a creditor takes possession of collateral they must demonstrate that they have given notice to the debtor or guarantor as well as that the disposition of that collateral is commercially reasonable. If you have been sued as a debtor or guarantor and have put up collateral, it is very important that you alert your attorney as to the fact that you have placed collateral to guarantee the note or loan. The attorney must affirmatively plead that not all of the conditions for recovery under the note or loan have occurred and specifically identify the deficiencies that the lender has failed to address. Because area of the law is highly technical and many of the decisions are made by less experienced personnel at the lending institution, you may be able to avoid your debt with an attorney who is well versed in this type of litigation.
Call Roger Yale at (940) 891-4800!