Legal Question in Business Law in Minnesota
My business has run into a serious problem with delinquent payments on both the mortgage and the City assessments. Can I simply gift the land (which is all the business owns at this point) directly to the City and bypass the outstanding mortgage that is held by the bank? There is No foreclosure in process but there is still a loan for the land. So can I legally just "Gift" it to the City and get out from under both the Mortgage and the Assessments?
Asked on 8/27/09, 7:16 pm
1 Answer from Attorneys
David Anderson
Anderson Business Law LLC
Need to review loan docs, but generally no.
Is it in your name personally? Or in name of corp. or LLC ( your business)?
Does it appraise for less than the Mortgage balance?
Answered on 9/01/09, 7:27 pm
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