Legal Question in Business Law in Oregon
Sold business, have contract between ourselves and buyer, written up by us, not a lawyer. have not been paid in full and now buyer is trying to sell business. Do we have any legal recourse?
1 Answer from Attorneys
Sue the buyer for breach of contract. Upon obtaining a judgment against the buyer, use the judgment to place liens on all of the property owned by the business (or owned by the buyer). If you know the potential new buyers of the business, let them know what you plan to do.
It also depends on the wording of your contract. Is the obligation of the original buyer secured by any real or personal property? Make sure any real property liens are recorded in the county property records. No rational person would buy property without first resolving the recorded liens.
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