Legal Question in Business Law in Florida
I have a personal loan for $50k secured by "all business assets" and my personal guarantee. The loan is paid on time every month and is about 6 months along. I now want out of my store and would like to sell everything at 50% off. Can I do this legally or am I breaking the contract? I have a website attached to this retail store which has more value than the retail store itself.
Asked on 5/21/12, 10:09 am
1 Answer from Attorneys
David Slater
David P. Slater, Esq.
Since you have no definition of "all business assets" I see no issue preventing a sale.
Answered on 5/21/12, 10:12 am
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