I financed a business to someone can they sell it without paying me first

    I financed a business to someone and their trying to sell the business and having them finance it to them, can he legally do that without taking care of me first and do I have the right after date of default turn around and put a judgement on him and sell the business again at the price i sold it for in the beginning?

    0  Views: 299 Answers: 1 Posted: 10 years ago

    1 Answer

    They can sell the business, and as long as they fulfill their financial obligation to you, it's legal to do so. Just as you can sell a house that is still mortgaged in your name, as long as the mortgage you have is paid at sale, it's legal.

    If this person sells the business but does not pay you, then yes, you can take the case to civil court, place a judgement against them, even place a lien on any property or bank accounts to ensure you will receive payment. Once the judge declares the default and the judgement, you can then sell the business again for it's full value.

    Good Luck.

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