Legal Question in Business Law in Louisiana

Contracts

I bought a business two years ago and paid cash for the assests, my question is the person I bought the business from placed a vehicle on the list of assests that I was receiving for my money well I just found out that the vehicle was pledge to a bank as collateral for a line of credit he has at a bank does this void the contract, is it legal and what steps should I preceed with?


Asked on 7/12/06, 11:35 pm

1 Answer from Attorneys
Nick Pizzolatto, Jr. Pizzolatto Law Office

Re: Contracts

I doubt if it would fully void the contract, but that would depend on what portion of the whole the vehicle represented and how important it was for the operation of the business. You could look into theft by fraud also since he took money from you fraudulantly.

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Answered on 7/13/06, 8:12 am


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