Legal Question in Business Law in Texas

If 2 people are 50% owners of assets and cannot agree on a price to sell; can one party force the sale at an auction or another m venue to collapse the partnership? The assets are race horses.

Asked on 11/23/22, 1:07 pm

1 Answer from Attorneys

Frank Natoli Natoli-Legal, LLC

Absent any written agreement that says otherwise, if you are 50/50 then both have equal control over the assets. I suppose if one sells the asset at a marke tvalue that was unreasonably low or if the sale was not arms length then the other owner would have a claim.

But there are more mature options here like getting a proper valuation done, or using a third-party to set the value or frankly just allowing the partner who wants the higher price some latitude of time to make the sale. If they get no bites then you can agree to lower the price.

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Answered on 11/23/22, 1:41 pm

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