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wallstreetesq.
wallstreetesq., Attorney
Category: Business Law
Satisfied Customers: 17080
Experience:  10 years, Corp litigation, Of Counsel to several global and nationwide corporation
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I am in a property dispute with a former business partner.

Customer Question

I am in a property dispute with a former business partner. I am in posession of professional equipment that is mutually owned (ie we both paid half the purchase cost for the equipment), and my business partner owes me a large sum of money. We have been working towards a mutual release agreement, but my former partner has stalled the discussions. I have not received any substantive response to my proposal for dissolution in almost 3 weeks. At what point does 'posession is 9/10 of the law' apply? I have been trying hard to resolve our differences and reach a mutual agreement, but this is dragging on way too long now. Please help!
Submitted: 7 years ago.
Category: Business Law
Expert:  wallstreetesq. replied 7 years ago.
-Could you explain your situation a little more?

WHAT STATE ARE YOU IN
Customer: replied 7 years ago.

I am in California. I added more info to my question. Let me know if you need more.

Expert:  wallstreetesq. replied 7 years ago.
IF THEIR IS NO BUSINESS CONTRACT BETWEEN YOU AND HIM OUTLINING WHAT WOULD HAPPEN IN THESE SITUATIONS, AND HE DOES NOT HAVE A COURT ORDER STOPPING YOU FROM SELLING THE EQUIPMENT, THAN ADVISE HIM IN WRITING YOU INTEND TO SELL THE EQUIPMENT IN ONE WEEK.

IF HE DOES NOT GET AN INJUNCTION SELL IT, THE WORST HE COULD DO, IS SUE YOU FOR HIS SHARE, BUT YOU CAN CLAIM THEN IT SHOULD BE OFSET BY THE MONEY HE OWED YOU AND "CARRYING CHARGES" OF YOU HAVING TO STORE AND HOLD THE EQUIPMENT.

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