Legal Question in Real Estate Law in California
I purchased a consignment shop and now am fielding calls where an item was consigned to the store over two years ago, there is no record of its sale, but I cannot locate it, and there is no provision in the relevant contract on how to deal with this situation. Am I responsible to this consignor?
2 Answers from Attorneys
Read your purchase contract for the store; all those issues are supposed to be covered in it. It you didn't bother to get an effective contract when you bought, then you'll get to litigate the issues now, one at a time, with the customers and seller. If you are serious about getting legal counsel to help, if this is in SoCal, feel free to contact me.
Well, someone is! It's either the seller or you. It would be helplful to know whether the business was a sole proprietorship, a corporation, an LLC, etc. at the time of the sale, and whether the seller sold you a bunch of assets or the entire business entity. Was the Bulk Sales Act complied with? What does the purchase contract say?
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