Legal Question in Credit and Debt Law in Georgia

Contract breach

I sold a restaurant for $30k. The buyer paid $10k and i have contract that requires payment of $2000 every month until the remainder is paid.

The contract specifically states that the buyer does not own any of the equipment in the restaurant until this is paid in full.

He continues to pay lease in his name and operate on a daily basis but refuses to pay the finance of the equipment.

What legal remedy do I have to shut down the business , or stop him from using the equipment he has not paid for?

Can I sell the equipment ?

Stop him from using it , effectively shutting down his restaurant till paid?

Thanks


Asked on 1/19/09, 11:36 am

2 Answers from Attorneys
Glen Ashman Ashman Law Office also dba Glen Ashman Attorney

Re: Contract breach

Your rememdies depend completely on the language of your agreement, which none of us have seen. Since you certrainly would have used a lawyer to draft a contract to sell a business (that is never a do-it-yourself project and both the seller and buyer use their own separate lawyers), that lawyer is going to be familiar with the contract and can advise you.

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Answered on 1/19/09, 11:42 am
Scott Riddle Law Office of Scott B. Riddle, LLC

Re: Contract breach

In addition, shutting down or interfering with the the business is often the best way to make sure the other party has no money to pay you even if he wanted to.

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Answered on 1/19/09, 12:03 pm


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