Legal Question in Credit and Debt Law in New York
Buy out breach of contract
I was paying off a buisness buyout via an account set up that I would make payments to on a monthly basis I was ahead of the payment schedule when my creditor closed the account denying me access to pay. I received a letter a few days later from an attorney reequesting me to pay the full remainder of debt in one payment and to return the place of business I purchased in a lease buyout agreement. I was never served with late payment notices or served with any kind of demands for monies owed. This was a blatant attempt to steal back the business I bought from them when it was in serious debt, but now that it is thriving the former owners are trying to regain it at any cost. We have gone to court first they claimed that I was in arears for rent. Then they switched their story to behind on the buyout, and now that this angle is not working they are trying to say it was a licence agreement as oppossed to a sub tenant lease buyout. Because they denied me access to pay and did not properly give notice what is my legal recourse.
2 Answers from Attorneys
Re: Buy out breach of contract
This is a case that can be won. The fact that they seized the account you were paying them with to create a default can be easily established with the bank records. Whether or not you were in default may not give the creditor the right to seize the account. You are welcome to a consultation at my office for no charge at 42 west 44th st, ny,ny. please call for an appointment first - 646-591-5786.
Re: Buy out breach of contract
The conclusions that a case "can be won" or of similar ilk are, perhaps, premature, for it is critical to review all of the relevant documents -- the buyout agreement, the "lease" or "license," the account, correspondence, payment history, etc. -- and speak with relevant witnesses before drawing conclusions.
Your legal recourses and options depend upon a reasoned analysis of the facts and applicable law. One of your primary concerns should be in finding legal counsel experienced in business litigation and, thereafter, discussing with him or her a strategy for success.
-- Kenneth J. Ashman; www.AshmanLawOffices.com
The information provided by Ashman Law Offices, LLC (�ALO�) is for general educational purposes only. No attorney-client relationship is established by this communication and no privilege attaches to such communication. ALO is not taking and will not take any action on your behalf and will not be considered your attorney until both you and ALO have signed a written retention agreement. There are strict deadlines, called statutes of limitation, within which claims or lawsuits must be filed. Therefore, if you desire the services of an attorney and decide not to retain ALO on terms acceptable to ALO, you should immediately seek the services of another attorney.
Related Questions & Answers
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
