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N Cal Attorney
N Cal Attorney, Attorney
Category: Business Law
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Experience:  Since 1983
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What is the legal definition of assign

Customer Question

What is the legal definition of assign?
Submitted: 4 years ago.
Category: Business Law
Expert:  LawTalk replied 4 years ago.
Are you looking for just the legal definition, or for something else? I can quote you from a legal dictionary if necessary.
Customer: replied 4 years ago.
I am the owner of a majority interest (66.7%) of an Ohio general partnership. The partnership agreement which I had a hand in writing states that if a partner sells or assigns his interest that the transaction may be set aside and the remaining partners have the right to buy that partner's interest at book value payable over ten years. I did not read the agreement that was written more than 20 years before and innocently transfered my ownership to my revocable trust. Now my greedy partners insist through arbitration that they can buy my ownership at this substantially reduce price. When they questioned the transfer and I realized my innocent mistake I transferred it back to my name. I need to do some research to avoid this tradedy and I don't feel that my attorney has the time.
Expert:  N Cal Attorney replied 4 years ago.
It sounds like you revoked the assignment, and your partners cannot set it aside because you already did.

If your lawyer is not doing his job, you need a new lawyer to review the partnership agreement. You should be able to find one through http://lawyers.findlaw.com/lawyer/practicestate/Business-Organizations/Ohio

I hope this information is helpful.
Customer: replied 4 years ago.
Just so I understand - Are you saying that if I have transferred the ownership back to my name then I don't have to worry about this arbitration case.
Expert:  N Cal Attorney replied 4 years ago.
I cannot tell without seeing the partnership agreement and the arbitration clause but logically, the arbitrator has no power to set aside an assignment that was already revoked.
N Cal Attorney, Attorney
Category: Business Law
Satisfied Customers: 8155
Experience: Since 1983
N Cal Attorney and 9 other Business Law Specialists are ready to help you
Customer: replied 4 years ago.
I know that $20 is certainly not enough for you to review the partnership agreement but I could send it to you for review and answer any other questions you may have concerning this case. Can this be done tomorrow since the agreement is in my office.
Customer: replied 4 years ago.
I am still looking for the partnership agreement. In the meantime I will accept.

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