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    goldgirl's Avatar
    goldgirl Posts: 1, Reputation: 1
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    #1

    Nov 22, 2007, 05:27 AM
    If a buy out agreement on a business is only partially paid and the person refuses to pay the remainder can you put a lien on their home?
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
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    #2

    Nov 22, 2007, 08:35 AM
    First its not a good idea to piggyback your question on someone else's. This can lead to confusion. You should start a new thread. So I've moved your question to its own thread.

    If someone defauts on a contract you have to sue them to recover. If you win the suit there are several avenues to try and collect. It would deoends on the nature of the business whether you can go after personal assets.
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
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    #3

    Nov 22, 2007, 08:58 AM
    Yes, is it a partnership, a sole owner, or corporation. Was there a letter of personal liabiltiy signed on the loan by the business partner, what were the terms of the buy out agreement.
    Normally if they refuse to pay the remainder, you would merely take the business back.
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