Jim probably has himself coverd by being incorporated,(house and bank accounts) but I wonder if John could go after the corp and seize assests? I doubt the property is listed as an asset but the truck/camper and forklift and tools are probably listed as capital by the corp that John could sieze and auction off.
Unless they were already security for other loans, in which case the first secured interest would have dibbs, and only if the loan securing them went into default.
If this is the case, the assets can't be sold unless the loan securing them is paid, and the collateral is released by the leinholder. I'm wondering how much of any of the trucks, forklifts, etc... are owned outright, or haven't been used to secure re-financing?
If there are any assets to seize worth anything, you'd have to prove a loan to the corporation went unpaid. Sounds like a big stinky mess.
I bet the books at that business are in really good shape.
