Money 10/23 - Chris sued for debt a third time - Verdict: Chris owes $2,777.90 to Midland Funding

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Lawsperg checking in. There seems to be some confusion here, which is totally understandable. There is debate over whether there can be a lien on a mortaged property, whether there can be lien on a car which was not paid off, and whether or not Midland would be able to recover.

This area of law is called "secured transactions," and it is controlled by Article 9 of the Uniform Commercial Code. Many lawyers and law students struggle with this material.

Different creditors may certainly have an interest in a single item of collateral. Some of the most important concepts in secured transactions deal with order of priority of creditors. There are specific rules on who gets to drink from the well first.

A purchase money security interest in consumer goods (e.g. an automobile) has "super-priority," and will jump ahead in the line of other creditors, even prior creditors. Midland could put a lien on the car, but they could only have their drink after the holder of the purchase money security interest was satisfied. Here is a good explaination of a purchase money security interest: https://www.investopedia.com/terms/p/purchase-money-security-interest-pmsi.asp

As far as the mortgage, I believe that it was not a purchase money mortgage (based solely on what I've read here, on the farms). Also, I'm not sure about the nature of debt Chris owes to Midland, nor the timing of it. I haven't done any sort of title search on 14 BC, and I really don't have time to do proper research to make any sort of definitive statement on the resolution of the debts.
 
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They usually update the public docket within an hour or two. I get the feeling that it being so close to Christmas will only work in Chris's favor.
 
Looks like he got told he’s gotta put that money in Midland’s hand.
 

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crayolasword said:
Looks like he got told he’s gotta put that money in Midland’s hand.
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So in other words..
"I want my $3,000! With Interest!"

Lol he's fucked, I doubt Chris can reliably come up with the %6 interest rate payments on time, much less put a dent in the balance.
 
So Chris owes nearly $3,000, and is expected to actually pay? Time to get a job e-beg so he can pay it off buy a fuckload of Lego sets and MLP toys.

Mason Verger said:
So in other words..
"I want my $3,000! With Interest!"

Lol he's fucked, I doubt Chris can reliably come up with the %6 interest rate payments on time, much less put a dent in the balance.
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So what is bound to happen if he doesn't pay any of this on time? I'm not an expert because I don't go into ridiculous debt for no reason.
 
TrunksFromDragonballGT said:
So he gets tagged up with a 3000 dollar judgement against him and the first thing this fucker wants to do afterwards is tweet about mlp? Christ...
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Might as well be $3,000,000 or $300 to Chris. What it really amounts to is another nebulous bill that he's going to have to deal with. Who knows how it's structured, but surely some kind of payment plan is in place. It has to be immediately obvious that Chris does not have a spare three grand laying around. So today why not celebrate with 'da Ponies? The matter is resolved, yay! There will be plenty of time to bitch, beg, and moan in the days leading to when he actually has to "pony" up.
 
It really doesn't matter. Chris has lived his entire life daisy chaining debt upon debt to pay his minimums. He'll do this till the day he dies and his tard buxs are untouchable
 
Duke Nukem said:
So Chris owes nearly $3,000, and is expected to actually pay? Time to get a job e-beg so he can pay it off buy a fuckload of Lego sets and MLP toys.



So what is bound to happen if he doesn't pay any of this on time? I'm not an expert because I don't go into ridiculous debt for no reason.
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They can't garnish his tugboat, but they(Midland) can put in the effort the IRS doesn't have time for and dig into his secondary incomes, i.e. patreon and eBay etc. and possibly take that to claims if he doesn't keep up. Even worse is his credit is basically locked until he clears this up, which means he's going to have to subsist on cash in hand, and I think it's been years since he's had to do that, and that was with Bob keeping him in line.

Chris doesn't save money, he won't be able to buy a car and rent even a shitty apartment.
 
zap2theextreme said:
The kicker is that he's going to let everything slip because he believes all his troubles will magically disappear by the end of the year
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I'm sure even now some idiot is considering bailing him out.. which is the exact worse thing you could do for him. Right now he has a house, a car and some garbage he could sell, if he isn't forced into a budget now, when all those things disappear in the not so distant future, he's literally going to be on the streets.
 
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