United States District Court for the District of Oregon
81 UCC Rep. Serv. 2d 165 (2013)
McDonald (plaintiff) and Yarchenko (defendant) were both members of a limited liability company (the LLC). McDonald loaned Yarchenko $22,000 and the parties signed a promissory note. The loan was secured by Yarchenko’s interest in the LLC, which was valued at more than $400,000. Yarchenko defaulted on the loan. McDonald sent Yarchenko an unconditional proposal after the default, proposing he would accept the collateral of Yarchenko’s interest in the LLC in full satisfaction of the loan. Yarchenko did not respond to the proposal. McDonald executed a strict foreclosure on the promissory note. McDonald brought suit against Yarchenko to recover the loan and accrued interest.
Rule of Law
Holding and Reasoning (Hernandez, J.)
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