Legal Question in Business Law in Florida
Leg al Liabilty of subsequent holder of commercial debt
Citizen A setteled a judgement debt to a bank in 1993, under certain terms and conditions. Bank ''A'' sold out to Bank ''B'' who sold out to Bank ''C'', who then discounted the note to an independent firm who deals in holding discounted notes. Citizen A discovers in 2003 that Bank ''A'' commited fraud by not honoring the terms of the original settlement agreement in 1993. Since Bank ''A'' and Bank ''B'' no longer exist, does the Bank ''C'' still assumne the liabilty of either of the banks involved, or does the present holder of the note (the discount broker) now assume the liability of the fraud commited by Bank ''A''. Who is legally responsible to the ''fraud'' commited, and how does one initiate a lawsuit to invalidate the original settlement based on the Bank ''A'' failure to follow all the terms of the settlement agreement.
2 Answers from Attorneys
Re: Leg al Liabilty of subsequent holder of commercial debt
The sale of the note carries certain warranties. The settlement of the claim..if all the monies were paid obliges the holder to sastisy the item. Your question fails to indicate the terms of the settlement nor to what extent the settlement was effectuated. Ergo, no complete reply is possible.
Re: Leg al Liabilty of subsequent holder of commercial debt
Since you bought it from C go after them.
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