Legal Question in Business Law in Texas
Death of sole owner of a private corporation
I am involved in a purchase/lease of assets of a private corporation that has a single owner whom has taken seriously ill and has no clear heirs other than elderly parents; I am sure that there is a will. Our contract addresses my death but not the death of the sole stockholder in the corporation. How concern should I be over an untimely death of the stockholder?
Asked on 1/11/08, 3:17 pm
1 Answer from Attorneys
Re: Death of sole owner of a private corporation
You should be very concerned. You don't know how old that will is, or even if there is anyone around to probate it. You should also be concerned that if this person dies, you have no real recourse if there was a problem in the underlying transaction.
Answered on 1/11/08, 3:20 pm
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