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Dave Kennett
Dave Kennett, Attorney
Category: Business Law
Satisfied Customers: 27689
Experience:  25 years practicing law
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I sold my half of my pharmacy business to my partner and ...

Customer Question

I sold my half of my pharmacy business to my partner and his daughter effective jul y 18 2007 state of utah. payment for said shares will be paid on or before july 23 2013 A couple of months later he shut down an closed the store I have the agreement he and his daughter have signed IS he still liable to pay me?
Submitted: 8 years ago.
Category: Business Law
Expert:  Dave Kennett replied 8 years ago.

DearCustomer- So long as your contract simply says he will pay you a certain amount on or before 7/23/13 then he owes you the money. The closing of the store is irrelevant. If he bought the store he can do what he wants with it. If your contract was dependent on the store being open then that would present a different issue.

I am assuming he gave you a promissory note to repay this money by the set date. If that is so then the note is valid regardless of the business being in operation.

David Kennett - JD - Attorney at Law

Dave Kennett and 5 other Business Law Specialists are ready to help you
Customer: replied 8 years ago.
In regards XXXXX XXXXX above question,does the document need to be notorized,because it is not?And is possible to put a lien on his properties. after the due date if he still has not paid me.
Expert:  Dave Kennett replied 8 years ago.

A simple contract to sell a business does not need to be notarized as do real estate mortgages and deeds. In order to place a lien you would first have to sue him and obtain a judgment. At that point you could certify the judgment which would place a lien on any real estate he may own in that county.

Dave Kennett