Legal Question in Business Law in Florida

Non payment
I am in what amounts to a fractional ownership of an airplane (it's an old Cessna and has an aprox. value of $30,000). The plane is owned by a Delaware corporation and each of the three partners is an equal share holder in the corporation. We all share the cost of ownership equally and pay expenses into a corporate bank account. Unfortunately one of my partners has failed to pay any of his expenses in over a year he has also failed to pay a third party for services provided for the aircraft and now a lean may be filed. Is it possible to seize his share for failure to pay?

Asked on 12/27/07, 12:27 pm

Stuart M. Address Law Offices of Stuart M. Address, P.A.

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Re: Non payment

You would have to sue him. You should consult a local lawyer or feel free to call me to discuss further.

Answered on 12/28/07, 3:18 pm

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