Legal Question in Business Law in Oregon

Re: Repossession criteria

Hi - you are asking a very complicated question. Your ability to reposess the pet shop is directly related to the documents used when you first sold it.

If you used an attorney to help you sell the shop, you should consult that attorney regarding your options for repossessing it. Unless you kept a security interest in the shop, you may not be able to repossess it.

Repossession of a business is not something that should be done on a "self-help" basis because if done incorrectly or when you are not entitled to do so, you could incur liablity to the person who failed to pay you. I do not recommend that people do repossessions of businesses themselves.

The information in this posting is not meant to be legal advice, which can only be given following a thorough review of your specific situation. You should not rely on the information in this posting to make any specific decisions regarding your personal situation.

Our office represents the buyers and sellers of businesses on a regular basis. We offer a low cost initial consultation to determine what your rights and options are. Please call us for an appointment to discuss your situation.