Legal Question in Credit and Debt Law in New York
not for profit org.
I have a copy machine for my not for profit organization. Due to the economy, we will shorly be closing our doors. I need to return the machine, since the payments are over 1800.00 per month. What can I do? I need to pay my employees first.
2 Answers from Attorneys
Re: not for profit org.
The answer depends greatly on your contract. Certainly, if there are no personal guarantees, the fact that the business may soon be defunct is a critical issue to discussing the issue with the company.
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Re: not for profit org.
I would need to review your contract with them , but as the former attorney for one of the larger copier companies in the Twin Cities, I would think the company would allow return of the equipment and potential cancellation of the contract if the equipment can be re-leased or sold to satisfy the balance of the obligation.
I presume the non-p has no other income or assets to satisfy a judgment if obtained by the copier co>?
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