Minnesota | Business Law
9/19/09, 12:14 am
Legal Question
Still haven't had an answer to my question as to whether I can donate land, partially owned by my business and partially by a bank loan, directly to the city. Land is owned by an LLC NOT personally by me. Bank doesn't want the land as the taxes are more than the loan is. Land is appraised at slightly more than what the loan is but taxes owed are far more than what is owed to the bank. And again the bank doesn't WANT the land!!! Also City would love to have it so they can pay off themselves with their assessments which is what caused the problems in the first place. So can it be donated or not??
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Read More Answered By: Sam Calvert |
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