Legal Question in Business Law in New York

business question

I recently took over a business from somebody that ran it into ground, we never had a closing but reopened as a new store. The bank had a lean on Equiptment so we made an offer to them but never heard back from them. How long do they have to act after being notifed before any statue of limitations would go in effect if any. I dont want this hanging over our heads but we havent been served with anything either and its been almost 4 months


Asked on 5/05/09, 1:24 pm

2 Answers from Attorneys
Kristen Browde Browde Law, P.C.

Re: business question

The statute of limitations on a breach of contract action is six years. However, the lien is another matter entirely, and is far more complicated.

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Answered on 5/05/09, 1:57 pm
Mark S. Moroknek Kelly & Curtis, PLLC.

Re: business question

It sounds like there are several issues: whether the new company is liable for the old company's debts, and, if so, for how long?

The statute of limitations for a contract action is 6 years from the date of the breach. There may be a different statute applicable, depending on the nature of the debt.

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Answered on 5/05/09, 8:38 pm


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