I'm buying a business with lawsuit in action, how do I know if the lawsuit has been settled, and how can I idemnify myself as a new owner?
Asked on 9/09/14, 10:45 am
2 Answers from Attorneys
Arthur Geffen
Arthur H. Geffen, P.C.
You should be able to check the court records to determine the status of the case. Probably best to have a lawyer do it. Your contract with whoever you are buying from should specifically indemnify you from any liability resulting from that lawsuit. Again contact your lawyer and if you don't have one, find one to assist you.
Answered on 9/09/14, 11:04 am
Steven Frankoff
Law Offices of Steven Frankoff
I agree, checking the court house records is a good first step. But more importantly, I would contact the seller, and his counsel. If the lawsuit has been settled have them draw up an indemnity clause as part of your sale.
This is not nor should it be considered either acceptance of representation or the offering of specific legal advice. It is merely a response to a generalized legal question. Steven Frankoff, 15014 Marlebone Court, Houston Texas 281 704 6740, sfrankoff@yahoo.com
Answered on 9/09/14, 7:53 pm
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