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-   -   Liens (https://www.askmehelpdesk.com/showthread.php?t=154815)

  • Nov 22, 2007, 05:27 AM
    goldgirl
    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?
  • Nov 22, 2007, 08:35 AM
    ScottGem
    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.
  • Nov 22, 2007, 08:58 AM
    Fr_Chuck
    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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