Legal Question in Real Estate Law in Florida
Non-Profit A donates land to start-up Non-Profit B.
Agreement has clause which provides for land to revert back to A, if B fails. B has $150K debt.
Does debt come to A should it reclaim land ownership per original agreement/
Asked on 1/06/10, 9:50 am
1 Answer from Attorneys
Alan Wagner
Wagner, McLaughlin & Whittemore P.A.
The debt does not come to A, but your questions is unclear about the transfer from A to B. The B debt may attach to the property and become a lien on it.
Answered on 1/11/10, 10:20 am
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