Q: can someone sell a leased item as their own and not let the lease owner know?
I purchased a business and the owner of the business i purchased sold me some equipment that was under a lease and had not been paid off. The owner of that business never told the lease company or paid a payment...
A:
The attorney who handled your acquisition should have considered this in your PSA. If it was a stock sale, as opposed to an asset purchase, the business is likely the lessee on the capital equipment lease for the equipment included in the sale of the business. Check your due diligence file for this transaction.
You should definitely go back to the attorney who handled the acquisition on your behalf. If you didn’t have an attorney for such an important and complex transaction, there are likely to be other problems you will encounter.
As a business litigation attorney who handles lawsuits arising from such transactions, I live DIYers who do these transaction without seeking legal help because I will likely make a LOT of money on the back end litigating matters.
Justia Ask a Lawyer is a forum for consumers to get answers to basic legal questions. Any information sent through Justia Ask a Lawyer is not secure and is done so on a non-confidential basis only.
The use of this website to ask questions or receive answers does not create an attorney–client relationship between you and Justia, or between you and any attorney who receives your information or responds to your questions, nor is it intended to create such a relationship. Additionally, no responses on this forum constitute legal advice, which must be tailored to the specific circumstances of each case. You should not act upon information provided in Justia Ask a Lawyer without seeking professional counsel from an attorney admitted or authorized to practice in your jurisdiction. Justia assumes no responsibility to any person who relies on information contained on or received through this site and disclaims all liability in respect to such information.
Justia cannot guarantee that the information on this website (including any legal information provided by an attorney through this service) is accurate, complete, or up-to-date. While we intend to make every attempt to keep the information on this site current, the owners of and contributors to this site make no claims, promises or guarantees about the accuracy, completeness or adequacy of the information contained in or linked to from this site.
