The bank reposessed 3 pieces of machinery and 5 automobiles and then sold them to me for $20,000 . I paid them 15,000 and left a balance of $ 5,000 to exchange for the vehicle titles when they aquired them. 3 months later they call me to say the original owner / trustee of a bankruptcy court wants them back. The Bank is pulling out of the deal and the trustee put a judgement against me for 25,000 in bankrupcy court. I owed the bank $5,000
( $1000.00 per motor vehicle ) since they were in need of extensive repair. I invested over $2000 in each vehicle to sell for about 4000.00 ea. and now the trustee wants them back or pay him 25,000 ( his estimated value of the vehicles ) because he said the bank had no right to reposess them . Do I have to give them back ? Will this judgement harm me if I don't respond quickly ? Should I ask for compensation for repairs that I did to them ? Is the bill of sale legal since I thought they were the owners ?
2006-08-23
18:29:19
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3 answers
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asked by
Richard B
1
in
Other - Cars & Transportation