[ale] It might be too late to sell your SCOX stock

[Bob Toxen]

In Georgia, the debt does not need to be "secured" against an asset
to put a lien against that asset.  All one needs is a judgment against
the debtor to file a lien against real property.

Bob

On Tue, Sep 18, 2007 at 02:54:34PM -0400, Jeff Lightner wrote:
> Here the person is going to jail for not listing assets rather than
> non-payment of debt.   Debtor's prisons don't exist in America and this
> is a clever dodge around that - you can always go to jail for contempt
> of court (without trial I might add).

> I also didn't use the word "never".  I said it was "rare".  One anecdote
> doesn't prove your point.  

> Funny that you mention hotels - I worked in several over many years and
> except for one they were all seen as "deadbeat" because of the way they
> paid (or didn't pay) bills.   Despite that I never saw anyone go to jail
> or seizure of a building such as you describe.  I'm guessing your
> friend's case dealt with something that allowed him to put a lien
> against the building which is something completely different.   If he
> had the ability to put a lien then his debt was considered "secured" by
> the property itself and the lien was an assertion of that right.

> -----Original Message-----
> From: ale-bounces at ale.org [mailto:ale-bounces at ale.org] On Behalf Of Bob
> Toxen
> Sent: Tuesday, September 18, 2007 2:40 PM
> To: Atlanta Linux Enthusiasts
> Subject: Re: [ale] It might be too late to sell your SCOX stock

> On Tue, Sep 18, 2007 at 08:35:00AM -0400, Jeff Lightner wrote:
> ...
> > You're also incorrect about judge's order to pay up trumping all other
> > debts.  More than one person in America has had judgments against them
> > in court of law for unpaid bills without ever having paid the bill.
> I must beg to differ.

> In Georgia, once one obtains a judgment (against a company or
> individual), he or she merely fills out a form at the courthouse,
> attaches a $10 check, and files it with the Clerk.  The Court sends that
> form to the debtor.

> The debtor has 30 days to fill out and return that form that requires
> that he list all of his assets in full detail with location, e.g.,
> 2005 Ford Bronco paid off parked at 1234 Main St., $10,900 at B of A,
> Decatur Branch, account 4321.  Failure to do so and he is sent to jail
> until the form is provided.  Lying is perjury.

> The creditor then has the Sheriff seize sufficient assets to pay the
> debt.  A friend of mine tells that he was owed money by the Suisse Hotel
> downtown who refused to pay 'cause they were deadbeats.  For his debt of
> perhaps $20,000 he seized the entire hotel, having the Sheriff's
> deputies
> preventing guests and employees from entering until the debt was paid.
> Many other states have similar provisions.

> > While a judge could theoretically order assets of the corporation be
> > seized in order to satisfy the debt in practice it almost never
> happens
> > and such an order would immediately be challenged in the bankruptcy
> > court which again would likely overturn it or put it on hold.   

> ...

> Bob

> > -----Original Message-----
> ...