Legal Question in Business Law in Massachusetts

My dad owned a corporation that owned and operated two businesses. He sold one of the businesses and the buyer did not pay the full sales price. We continued to pursue the payment due to us for more than a year. Before we were paid, my dad sold the corporation to a group of buyers. The buyer from the first sale finally paid a year after we sold the corporation. They wrote a check out in the company's name. The new buyers took the check and spent it, claiming that it was now their money. Will there be any way to get this money back as it was a sale from before we sold the corporation? Please advise. Thanks!


Asked on 12/23/09, 5:14 pm

1 Answer from Attorneys

Unless the sale of the first corporation was excluded from the sale of the corporation, you do not have a right to the money paid by the buyer of the first business. If the sale of the corporation excluded the receivable from the sale of the first business then you may be entitled to the money.

I suggest you take the sale agreements to an attorney to review to see if you have any right to the sale proceeds from the first business.

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Answered on 12/28/09, 6:23 pm


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