Legal Question in Business Law in Florida

Re: death of a partern, dispute over buy out to family

A partition action may be necessary. The value is as of the sale. More information is needed, but you should certainly retain counsel to guide you. Good luck.

Re: death of a partern, dispute over buy out to family

Partition refers to the process whereby two or more coowners of property effect a dissolution of their common ownership and convert it into several ownerships of fractional portions of the original common property. Property may be partitioned if the cotenants hold as tenants in common or joint tenants �64.031, Fla. Stat. Restraints on partition imposed by the creator of the concurrent estate are generally upheld if reasonable [see Forehand v. Peacock, 77 So. 2d 625, 626 (Fla. 1955) ; Cohen v. Roth, 417 So. 2d 743, 744 (Fla. 3d DCA 1982). Coowners may voluntarily partition their jointly owned property. IF htat cannot be accomplished then, a suit for partition may be brought by one or more joint tenants or tenants in common �64.031, Fla. Stat. There is case law that provides that a tenant who is given exclusive possession through an oral agreement with his or her cotenants may not bring an ejectment action against a cotenant. In addition, because the proceeding would be equitable, Laches is a defense to a partition action.

Other questions would need to be answered, like what agreements if any were there? Was there a shareholder's agreement? Was the company a P.A.? How was the property owned by you and the decedent in your names or in the company's name? IT is possible that a partition may be requested of the property. If you want to settle with her then ask to buy her out of her share of the property. Good luck,

Randall Gilbert

Randall Gilbert