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Secured Transactions Keyed to Lopucki
McDonald v. Yarchenko
Citation:81 UCC Rep. Serv. 2d 165 (D. Or. 2013)
McDonald and Yarchenko are both members of David Hill LLC. McDonald made a number of loans to Yarchenko so that Yarchenko could make his 2007 capital contribution to the LLC. According to the promissory note, the outstanding balance of the loan was due on July 1, 2009. Yarchenko, however, did not pay off the outstanding balance. McDonald sent Yarchenko a demand notice which stated that Yarchenko was in default of the promissory note and that if Yarchenko did not pay the loan, McDonald would take possession of Yarchenko’s interest in the LLC. On July 27, 2011, McDonald’s previous attorney, Frederick Carman, sent another letter to Yarchenko reiterating that Yarchenko had not paid off the promissory note. Yarchenko’s loan remains unpaid as of today.
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