Legal Question in Business Law in Florida

Abandonment of Assets

Last year I purchased an up-and-running business and carried a note with the original owner. A lien was filed against the assets of the business. Since then, there have been a number of breaches of contract on his part as well as fraudulent information supplied at the time of the sale. At this point, I am going to have to shut the doors of the business. Since the time of sale I haven't been able to reach the seller by phone and I've had one certified letter returned undeliverable. He has called a handful of times over the past year to ask me about payments on the note, which I am unable to make because of the fraudulent sales information he supplied. When I liquidate and close the doors what do I do with the assets he has a lien against? At what point can I consider them abandoned?


Asked on 4/28/08, 10:21 am

1 Answer from Attorneys
Brandon Kolb Kolb, Cintron, & Associates

Re: Abandonment of Assets

You may consider filing a suit against the seller with the goals of vacating the liens, and recovering damages for his false representations; or to vacate the enitire contract. Without knowing more about the contract and other issues in the relationship, it is difficult to advise you.

You should schedule a consultation with an attorney to review your contract and fully discuss the situation to determine if you have any remedies available to you, and to determine if seeking those remedies would be worth the effort.

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Answered on 4/28/08, 8:18 pm


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