Mr Salt
New Member
- Jun 14, 2008
- 632
- Boat Info
- Raymarine/Raytheon electronics, Sat TV, Yacht Controller
- Engines
- 2003 Caterpillar C-12s Twin Disc Transmissions
It sounds to me like you were in trouble and could not make the payments and so did the right thing and started talking to the bank. Once the bank found out you had no source of income they pulled the "Material Adverse Condition" clause. Banks put these clauses in so that if something goes wrong they can pull the plug. The note must have been sold with recourse since you say it got put back to the dealer. Your problem must be serious otherwise the dealer would have worked by you.
The sum and substance of your experience is don't sign something you do not agree with it will come back to bite you in the a$$.
Having said that I am not sure how much you lost on this deal but I feel for you and hope you land on your feet soon.
The sum and substance of your experience is don't sign something you do not agree with it will come back to bite you in the a$$.
Having said that I am not sure how much you lost on this deal but I feel for you and hope you land on your feet soon.
