Legal Question in Credit and Debt Law in Iowa
gap financing repayment requirements
Six years ago my former employer enticed me to take a job by providing gap financing until the house we were living in sold. That home was vandalized beyond repair and we let it go to the bank. I no longer work for this employer but they want repayment by Dec 1st, 2008 because on that date they will no longer exist in the same for as they are being purchased by a larger business. If the business no longer exists as of Dec. 1st in it's original form, do I technically have to pay it back?
1 Answer from Attorneys
Re: gap financing repayment requirements
I would need to review your documents. There is a possibility of failure of consideration on the deal due to the way it was structured. I would also want to talk to you about any other secured or non-secured debt outstanding.
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