Legal Question in Business Law in Hawaii
Sale of a business
Hi. I'm selling my business and have agreed to terms that include a 10-year promissory note. How do I protect myself in the case of the purchaser becoming disabled, dead, or just plain crazy? It seems there should be some kind of clause that would give me the option of taking the business back if the purchaser or his family cannot run the business. Do you know any such clause?
Asked on 1/24/08, 8:17 pm
1 Answer from Attorneys
Jon Zahaby
Tour bus, scenic and sightseeing, operation
Re: Sale of a business
Such a clause can be written, however, a promissory note without collateral is worthless. I suggest you have an attorney review your entire purchase and sale to make sure you do not subject yourself to non-payment later.
Aloha, Jon A. Zahaby, Esq.
Answered on 1/24/08, 8:52 pm
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