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TexLaw
TexLaw, Attorney
Category: Legal
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Experience:  Lead trial/International commercial attorney licensed 11 yrs
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Is a hand written and notorized agreement written by the agency

Resolved Question:

Is a hand written and notorized agreement written by the agency (insurance) owner and stating, "This is to certify that C. H. is the sole owner of the book of business produced while in this agency." a legal contract or agreement. Does my agreement become null/void if the owner sells to a new owner?
Thanks
Submitted: 1 year ago.
Category: Legal
Expert:  TexLaw replied 1 year ago.
Hi,

Thank you for your question.

A hand written agreement is enforceable if the terms of the agreement form an enforceable contract. This statement you are referencing is more in the form of an acknowledgement than a contract. A contract requires a quid pro quo. There is nothing of the sort here, it is only an acknowledgement that the book of business is yours. Further, there is no exact explanation of what that means or whether there can be any claim by future owners of the business. So in answer to your last question, it likely does not bind if the current owner sells to a new owner.

Please let me know if you have any further questions. Please also kindly consider rating my answer positively so that I am compensated by the website for my work on your question. Rating positively does not cause an additional charge and does not prevent us from further discussing your questions.

Best regards,
ZDN
Customer: replied 1 year ago.

Since there are no terms specified that seems like a potential problem. In the insurance the term "book of business" is easily defined and since the potential buyer is another agent in the office he fully knows and understands.


But by your answer you think it is less than an agreement, i.e. acknowledgment, which is weak from a law perspective? And really there is nothing binding to the new owner as far as my owning the book? Do I understand you correctly? Thanks

Expert:  TexLaw replied 1 year ago.
Yes, you understand me correctly. This will not bind the new owner, although it can be used as evidence to support your claim that the business is yours. If possible, you need to get the old owner to write an amendment which covers these concerns with some language like "in exchange for agent's continued employment with agency, agency acknowledges that the book of business CH produces while employed at the agency is his sole property. This agreement shall be binding on any future owner of the agency in case of a sale, merger or other assignment of interest by the agency's owner".
TexLaw, Attorney
Category: Legal
Satisfied Customers: 4079
Experience: Lead trial/International commercial attorney licensed 11 yrs
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