Legal Question in Real Estate Law in Indiana

Leasing Company Payment

My wife and I sold several large pieces of equipment from our business through a liquidation auction. A large leasing company pre-approved a buyer for x dollars prior to the auction. The buyer attended the auction, won this piece of equipment and took it home with him that same day. We are now 30 days after the auction, we have received all of our money from other sources, banks, other leasing companies, etc. but have still not received our money from this particular leasing company for this specific piece of equipment. The leasing company agreed to pay, the buyer has the equipment, and the leasing company will not give us a date that we can expect payment. Is the leasing company required by law to give us our money within a certain time period? If so, where can I find a copy of this law? Thank you for your time. Your help is greatly appreciated.


Asked on 4/14/03, 4:33 pm

1 Answer from Attorneys
John Bator Bator Redman & Shive

Re: Leasing Company Payment

The leasing compnay is bound by the terms of the auction which are contractual and not statutory. The buyer in signing up to bid at the auction explicitly agreed to the terms and is contractually bound. You have the legal right to enforce those terms-hopefully it includes interest, cost, including litigation costs and attorneys fees for collecting. Good luck!!

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Answered on 4/16/03, 4:00 pm


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