Legal Question in Business Law in Indiana

I have an Asset Purchase agreement in a business, The purchasing party has not been making full payments for 9 months. What legal action can I take about this?


Asked on 9/20/09, 1:38 pm

2 Answers from Attorneys
Kenan Farrell KLF Legal

Review the agreement...it may contain a remedy provision. You'll likely want to contact an attorney about pursuing a claim for breach of contract.

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Answered on 9/20/09, 1:45 pm

The Asset purchase agreement should have a clause something along the line of

"default"

"purchasers remedies"

"liquidated damages"

"attorneys fees"

If you filed a ucc on the assets, you may be able to liquify the secured items.

If you have none of the above, you probably can sue for breach of the agreement anyway.

You should contact an attorney to review the transaction.

Good luck.

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Answered on 9/20/09, 3:18 pm


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