Legal Question in Real Estate Law in Virginia
The story: 2 partners set up an LLC together to hold a few parcels of commercial property. The contract between the two was set up that partner A would loan the $$ to the LLC, and therefore be the lien holder but the LLC was 50/50 ownership. The loan was paid in full. The contract also stated should the LLC be dissolved then the property would transfer to partner A, the lien holder.
The partners split up and partner B sued partner A personally and won a judgement that has yet to be paid. Partner B put judgement liens on the properties that were in the name of partner A (2 properties, one cannot be sold, and the other was siezed by the lending company which made partner B's lien non-existent). Since then the LLC has been administratively "cancelled" by the state. The LLC partnership was still 50/50 when it was cancelled. Can a title transfer be forced (to uphold the contract) into partner A's name so that a lien can be placed?
Partner A keeps opening new sole-ownership LLCs to purchase things, such as the residence, vehicles, etc. to keep business law red tape between A and B (among many other C's, D's,...Z's). Is there anything that can be done in this situation?
1 Answer from Attorneys
A title transfer from what (in the name of partner A) if this so-called LLC partnership has already been cancelled/dissolved? In other words, what remaining ownership interest does partner A still retain with respect to this apparently no-longer existing LLC entity that you would like to "forceably transfer"?
None that I can discern.
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