Legal Question in Real Estate Law in Indiana

When 2 unrelated pepole own a car together; only one has physical custody of the car, may the person with no contact with the car take the otherperson to small claims court to make the person with the car buy out the one without the car at todays market value? The ca is a 1967 Plymoth Caracuda purchased together in 1990 estimated valuse betwen $ 7,000.00 & $20,000.00. Noble County Small Claims has a $6,000.00 limet. I would be contint with a gudgement between $3,500.00 & $6,000.00. Is the likle ?


Asked on 8/26/12, 9:51 am

1 Answer from Attorneys
Kenneth Wilk Rubino Ruman Crosmer & Polen

A co-owner can avail himself of the court to seek a judicial partition, but no one can force either party to buy the other out. The value of the car is current used market value. Instead of going to court, why not have a discussion with the other party and come to an agreement on a buyout or an agreement to put the car up for sale on the open market.

Read more
Answered on 8/27/12, 7:26 pm


Related Questions & Answers

More Real Estate and Real Property questions and answers in Indiana