I sold some property that had a lien on it. I can’t afford to pay the lienholder. What is the punishment for this?

On 07/05/2010, in Financial crimes, Real estate crimes, by admin

If you sell secured property (property with a lien on it) and you fail to pay the secured party from the proceeds, you may be charged with Hindering a Secured Creditor, a criminal offense. The potential punishment for this is governed by Tex. Penal Code Sec. 32.33(e):

(1) a Class C misdemeanor if the proceeds obtained from the sale or other disposition are money or goods having a value of less than $20;
(2) a Class B misdemeanor if the proceeds obtained from the sale or other disposition are money or goods having a value of $20 or more but less than $500;
(3) a Class A misdemeanor if the proceeds obtained from the sale or other disposition are money or goods having a value of $500 or more but less than $1,500;
(4) a state jail felony if the proceeds obtained from the sale or other disposition are money or goods having a value of $1,500 or more but less than $20,000;
(5) a felony of the third degree if the proceeds obtained from the sale or other disposition are money or goods having a value of $20,000 or more but less than $100,000;
(6) a felony of the second degree if the proceeds obtained from the sale or other disposition are money or goods having a value of $100,000 or more but less than $200,000; or
(7) a felony of the first degree if the proceeds obtained from the sale or other disposition are money or goods having a value of $200,000 or more.

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I just sold a property that had a lien on it. The lienholder demanded the money from the sale. How long do I have to pay the lienholder?

On 07/05/2010, in Financial crimes, Real estate crimes, by admin

As an ideal matter, a lienholder should be paid at closing. Texas penal code sec. 32.33(e) provides: a person is presumed to have intended to appropriate proceeds if the person does not deliver the proceeds to the secured party or account to the secured party for the proceeds before the 11th day after the day that the secured party makes a lawful demand for the proceeds or account.

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There is a lien on my property. I just sold it for cash, but I can’t afford to pay the loan. Now the lienholder is trying to repossess. What can they do to me?

On 07/05/2010, in Financial crimes, Real estate crimes, by admin

A person who is a debtor under a security agreement, and who does not have a right to sell or dispose of the secured property or is required to account to the secured party for the proceeds of a permitted sale or disposition, commits an offense if the person sells or otherwise disposes of the secured property, or does not account to the secured party for the proceeds of a sale or other disposition as required, with intent to appropriate the proceeds or value of the secured property. Tex. Penal Code. 32.33(e)

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What are the penalties for hindering a secured creditor in Texas?

On 07/05/2010, in Financial crimes, Real estate crimes, by admin

You need to look at Sec. 32.33 (d) of the Texas Penal Code for the penalties associated with Hindering a Secured Creditor:

(1) Class C misdemeanor if the value of the property destroyed, removed, concealed, encumbered, or otherwise harmed or reduced in value is less than $20;
(2) Class B misdemeanor if the value of the property destroyed, removed, concealed, encumbered, or otherwise harmed or reduced in value is $20 or more but less than $500;
(3) Class A misdemeanor if the value of the property destroyed, removed, concealed, encumbered, or otherwise harmed or reduced in value is $500 or more but less than $1,500;
(4) state jail felony if the value of the property destroyed, removed, concealed, encumbered, or otherwise harmed or reduced in value is $1,500 or more but less than $20,000;
(5) felony of the third degree if the value of the property destroyed, removed, concealed, encumbered, or otherwise harmed or reduced in value is $20,000 or more but less than $100,000;
(6) felony of the second degree if the value of the property destroyed, removed, concealed, encumbered, or otherwise harmed or reduced in value is $100,000 or more but less than $200,000; or
(7) felony of the first degree if the value of the property destroyed, removed, concealed, encumbered, or otherwise harmed or reduced in value is $200,000 or more.

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