Selling Equipment With Lien

Summary

Selling commercial equipment with a lien in Virginia requires paying off the lien before the sale. If the lien is not disclosed to the buyer, it can lead to legal consequences, including fraud charges. It is advisable to consult a lawyer for proper guidance. The nearest court for more information is Fairfax County General District Court.

Full Conversation

selling commercial equipment with a lien
What is the nature of the lien on the commercial equipment?
I don’t understand the question
A lien is a legal claim or a "hold" on some type of property, in this case, commercial equipment, as a security for a debt or an obligation. Can you clarify who placed the lien?
finance company who I purchased the equipment from
What is the location of the finance company? Depending on the state, the rules for selling equipment with a lien may vary.
Virginia
In Virginia, you must pay off the lien before selling the equipment. If not, the buyer could be responsible for the debt. Contact your local court for more details.
what if I have already sold equipment
Did you inform the buyer about the lien before selling the equipment? In Virginia, failure to disclose a lien can lead to legal consequences.
no
In Virginia, not disclosing a lien can lead to fraud charges. It's advisable to consult a lawyer. The nearest court is Fairfax County General District Court, +* *-*-*.