I see that you are an active member so I decided to throw this out there for your response.
I am a 50% member of a Delaware LLC that is licensed to do business in Mississippi.
Events:
LLC received grant/contract to build 125 homes from Mississippi Development Authority.
Required a $250K irrevocable letter of credit in leu of surety bond.
The other 50% partner who is also the managing member put up the cash into escrow.
Due to economy we could not get home buyers financed.
He got nervous and decided he wanted his $250K back which required a voluntary withdraw from the program.
He cut a deal with the state to forfeit a model home (that I paid 50% to build and is appraised at $112K) to get his $250K returned without penalty.
I want the money that I put into the house at least or better my 50% of the appraised value. As a member of the LLC can I put a lien on the model home?
I am a 50% member of a Delaware LLC that is licensed to do business in Mississippi.
Events:
LLC received grant/contract to build 125 homes from Mississippi Development Authority.
Required a $250K irrevocable letter of credit in leu of surety bond.
The other 50% partner who is also the managing member put up the cash into escrow.
Due to economy we could not get home buyers financed.
He got nervous and decided he wanted his $250K back which required a voluntary withdraw from the program.
He cut a deal with the state to forfeit a model home (that I paid 50% to build and is appraised at $112K) to get his $250K returned without penalty.
I want the money that I put into the house at least or better my 50% of the appraised value. As a member of the LLC can I put a lien on the model home?