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I have been in a Lawsuit for the last 4 yrs with my Landlord…

Customer Question
I have been in a...
I have been in a Lawsuit for the last 4 yrs with my Landlord with no judgement of yet for either side,
About a week ago we found out he sold the commercial Building he owned that was the Corporation
we were suing. My Lawyer for some reason doesnt seem to know, but we have read many places that
he was suppose to put money in escrow cause there is no Judgement.Is this true
Submitted: 8 months ago.Category: Landlord-Tenant
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Answered in 18 minutes by:
11/15/2017
Lawyer: Richard - Bizlaw, Attorney replied 8 months ago
Richard - Bizlaw
Category: Landlord-Tenant
Satisfied Customers: 10,833
Experience: Commercial and residential leases in NY & NJ & US
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Hello, my name is ***** ***** I will try to help you. Please remember I just report or interpret the law, so the outcome may not be what you hoped for.

there is no requirement to put any money in escrow because the corporation was sold. It will remain liable for any award in your lawsuit. If the assets of the corporation were sold, then the remaining corporation would remain liable. If it dissolved it would have to set aside money for the possibility that you would win a judgment. Except for that one exception there is no escrow requirement.

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Customer reply replied 8 months ago
are you saying he is still liable for judgement if he loses
Lawyer: Richard - Bizlaw, Attorney replied 8 months ago

If the corporation is who you are suing the corporation remains liable even if it is sold.

If I have answered all your questions, please highly rate my answer as that is how I receive credit. If you have more questions, please let me know. If the answer was especially helpful you can provide a bonus.

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Customer reply replied 8 months ago
but what if the corporation has no money, he took all the profits from the sale out of the corp, but the corp did make over 2 million from the sale
Lawyer: Richard - Bizlaw, Attorney replied 8 months ago

If you are only suing the corporation then your remedy is against the corporation. However, if he distributed the sales proceeds to himself without providing for your lawsuit, you can sue him personally to the extent of the corporate assets he received.

If I have answered all your questions, please highly rate my answer as that is how I receive credit. If you have more questions, please let me know. If the answer was especially helpful you can provide a bonus.

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