Legal Question in Wills and Trusts in California
Before my father passed he owned a tavern but sold it and carried the paper until 2027. The man is making his payments monthly but just found out he intern sold the business but not the building and property it sits on. My sister is executor of dads trust and she did not know he did it. Is that legal for the original buyer who is still paying until 2027 to sell just the business part and liquor license but nothing else?
1 Answer from Attorneys
It depends on the exact details of the transaction between you father and the buyer. It is quite possible that the transaction was structured such that it was perfectly legal for the buyer to resell the business and license while keeping the real estate and leasing it to the subsequent buyer of the business. It also is quite possible that it is a violation of the security terms of the deal between your dad and his buyer. There is no way to tell without reviewing all the documentation and related facts and details of both sales. You need to talk to a lawyer in person about this, with all the documentation present.
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