Legal Question in Credit and Debt Law in Minnesota

Legal obligation to a debt

Am I still legally obligated to a debt that has been sold twice and the original creditor no longer exist?. The original creditor sold their name and inventory to one buyer and their charged off receivables to another buyer, not connected in any way. This buyer then sold the receivables to another buyer. I am being sued by that second buyer as successor in interest to the original creditor, who no longer exist.How can I be legally obligated to this third party when the original creditor no longer exist and they won't receive any money if collected from the third party?.


Asked on 8/22/06, 4:23 pm

1 Answer from Attorneys
David Anderson Anderson Business Law LLC

Re: Legal obligation to a debt

Because they PAID for it.It is no different than you giving a check to another person. That person has the right to payment even if you die.

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Answered on 8/22/06, 4:34 pm


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