Q: I own a small share of KS office building. I retired & what my share of the value. What can I do with no agreement?
A:
If you directly own an interest in the building (your name is on the deed), there is a process called partition in which you file a lawsuit asking the judge to “partition” the property. If it is not possible to “partition” the property into seaprate, discrete parts, as would likely be the case with an office building, then the judge can order an appraisal of the property and the property is offered to the parties for the value determined. If no one wanted to purchase the building for that value, it would go to a sheriff’s sales at which the property would need to bring at least a minimum value (two-thirds of the valuation). Of course the parties may agree to some other arrangement and bring the case to a close.
If you are a shareholder or member of a corporation or LLC that owns the property, the options are more limited. The controlling interests have fairly broad discretion, in absence of some provisions in the articles of incorporation or bylaws (corporation) or articles of organization and operating agreement (limited liability company). It would be best to consult with an attorney to review the organizational documents and how the company is being operated and governed to see if there is a possibility to force some action.
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