Legal Question in Business Law in Tennessee
Scenario....
Sold a business for $500,000....owner financed remaining balance of $150,000....Buyer is now refusing to pay remaining balance or that they even owe remaining balance....
Owner financing was in original agreement, however, promissory note for owner financed amount was never signed by buyers.
What legal avenues could I pursue if any?
Thanks
Asked on 10/04/09, 4:05 pm
1 Answer from Attorneys
James R. Becker, Jr.
Becker Law Firm
You will have to take the contract and all of the written documents to an attorney to review. It seems likely that you could sue the new owner for the unpaid $150k, but a review of the underlying documents would be necessary. If you have any follow-up questions, you can e-mail me at [email protected].
Answered on 10/05/09, 10:48 am
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