Legal Question in Business Law in Illinois

business mortgage responsibilities

I was bought out of a partnership 3 years ago. At that time, the mortgage was being paid. At some point after, my former partners stopped paying it and now we are all being sued. Am I still responsible for the payment?


Asked on 2/15/07, 1:09 pm

1 Answer from Attorneys
Burton Padove Indiana and Illinois Lawyer, Burton A. Padove

Re: business mortgage responsibilities

If the mortgage was in your name, yes, the mortgage company does have recourse against you. You may be able to sue your former partners, however, if they can not pay the mortgage, you may not be able to obtain any payment from them as there may not be any funds available.

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Answered on 2/15/07, 1:27 pm


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