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In 2004, my LLC purchased a Cemetery. We sold ground space,

mausoleum crypts and monuments. Those...
In 2004, my LLC purchased a Cemetery. We sold ground space, mausoleum crypts and monuments. Those items were sold on an installment contract to individuals. In 2008 the lender who financed the Cemetery foreclosed and it was purchased at the Master Commissioners Sale. Now the new buyer is trying to collect on my accounts receivables.
Only the land was forclosed on. What is my recourse for his threats to sue me?
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Answered in 5 minutes by:
7/1/2013
Dimitry K., Esq.
Category: Business Law
Satisfied Customers: 41,221
Experience: Run my own successful business/contract law practice.
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Thank you for your question. Please permit me to assist you with your concerns.

That is a good question. Do you still own the LLC? Did the business ever formally pursue bankruptcy?
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Customer reply replied 4 years ago

No. The LLC did not go bankrupt. The foreclosure was for the land only.

Eileen,

Thank you for your follow-up. This person simply purchased the land via foreclosure, he did not obtain any interest in the business or obtain any rights to assets or liabilities as far as you know?
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Customer reply replied 4 years ago


That is correct. Only the land.

Eileen,

Thank you for your patience. If that is accurate then the other party has no basis or right to seek the accounts receivable--he would be entitled if he purchased the land with all profits attached, and not just the land itself. My concern is how the foreclosure was listed and if it expressly sold the land without any attachments, then he wouldn't be entitled to any benefits.

Good luck.

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Customer reply replied 4 years ago

Mr. Dimitry,


I will review the foreclosure complaint and the Order by the Judge and if I am incorrect, I will request you by the attached link. Thank you.

Eileen,

Sure thing, I look forward to assisting you further. Otherwise if satisfied please do not forget to positively rate my answers to you so I may obtain credit. Thank you!

Dimitry K., Esq.
Category: Business Law
Satisfied Customers: 41,221
Experience: Run my own successful business/contract law practice.
Verified
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Dimitry K., Esq.
Dimitry K., Esq.
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