Liability of an Asset Purchaser For Criminal Forfeitures
When is the purchaser of the assets of a business through an asset purchase liable or not liable for criminal asset forfeitures or fines imposed against the seller of the business?
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Read More Answered By: Stephanie Gallagher |
Re: Liability of an Asset Purchaser For Criminal Forfeitures For criminal asset forfeitures (in federal court), the government's interest in the property is deemed to have vested at the time that a criminal offense occurs. That means that if someone else purchases forfeitable property from a defendant after the defendant commits a criminal offense, that purchase may not be valid because the defendant no longer "owned" the property and the property was already subject to forfeiture by the government.
That being said, depending on the exact timing of the sale and the circumstances, there are some exceptions that give a "bona fide purchaser" (basically someone who purchased assets for fair market value without having any knowledge of the criminal activity) the right to maintain his or her interest in the property. The purchaser's rights depend on the facts in his or her case.
If the forfeiture is not in federal court,criminal asset forfeiture provisions can vary somewhat on a state by state basis. |
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