A manufacturer of agricultural equipment recently hired Attorney James Teigland after one of its customers stopped making monthly payments. The case was made slightly more complicated from a typical repossession, which are frequently completed without court intervention, by the fact that the leased equipment was attached to a truck that the manufacturer did not have a lien or security interest in and it would take up to 8 hours to remove the equipment and the customer refused to return the equipment or truck and had stopped answering his phone.
The client-manufacturer and Teigland decided to start a lawsuit to repossess the equipment. A court hearing was scheduled two weeks after the lawsuit was started and the equipment was repossessed three days later.
The equipment will now be sold with the sale proceeds being applied to the amount owed by the customer-debtor, including attorney’s fees incurred by the client-manufacturer because the lease agreement contained an attorney’s fees clause.
Fremstad Law encourages companies that lease or finance the sale of equipment to set up an appointment with one of its attorneys to review its processes for repossessing equipment. And anyone that is considering attempting to repossess property or anyone that has had their property repossessed should also consider contacting the Fremstad Law. James Teigland and Joel Fremstad have previously won a trial and an appeal on behalf of companies that have had their equipment wrongfully repossessed.
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