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RONB-ESQ, Lawyer
Category: Legal
Satisfied Customers: 357
Experience:  Right of Way Manager at Access Midstream Partners, LP
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I own an insurance agency. I merged with another agency

Customer Question

I own an insurance agency. I merged with another agency 1/1/15 with a Purchase Agreement to purchase "the assets" of the incorp agency 1/1/17. My agency is an LLC .. the other agency that I merged with was a c corp. There was just one owner that owned 100% of stock. The owner of the c corp died unexpectedly. A son will inherit the stock. He's a big problem trying to interfere in the business. The executor, who is the sister of the decedent would like to sell me the stock now before it goes thru probate and he inherits it. Can she legally do that? Does it matter that the son / heir inherit stock that's value is now cash rather the insurance agency? There was an agreed purchase price in our contract.
Submitted: 1 year ago.
Category: Legal
Expert:  RONB-ESQ replied 1 year ago.

Hello my name is ***** ***** I am a licensed attorney. I welcome you to JustAnswer. Please note: This is general information for educational purposes only and is not legal advice. No specific course of action is proposed herein, and no attorney-client relationship or privilege is formed by speaking to an expert on this site. The question and response may be viewed by other parties as noted in JA’s terms of service. By continuing, you confirm that you understand and agree to these terms.

Also in the event you are new to JA, I only receive a portion of what you pay to JA when you provide positive feedback and click the submit button on the upper right corner of your page. If I have provided you a timely response and answered your question please give me the courtesy of a positive rating before you log off the site, as many people forget to log back in and leave feedback. There is no additional charge for continuing to reply after you have rated me and we can continue a back and forth discussion until the question you posed has been fully answered

You should see my answer in the same pane below this response as we continue. In the event you would prefer a phone call please let me know and I can arrange it. It tends to be easier for both parties if you just tell me you want a phone call and let me send you the request versus using JA’s automated “request a call” feature. If you see a pop up regarding a phone call please note that the website generated that offer. Before I send you any such request it will typically be based on you requesting it by typing the request on the screen and then I will send you a phone call offer. Do note that a phone call is not required and we can continue here just typing comments back and forth.

You should be able to view my answer just below this response as we continue….

Expert:  RONB-ESQ replied 1 year ago.

I am sorry for the delay I have had some technical issues. The short answer is no. Even if she had a power of attorney it terminated at his death. Do you want to continue to purchase or do you want out?

Expert:  RONB-ESQ replied 1 year ago.

I guess you should see if the sister will let you see a copy of the Will and have your attorney review it. If she has full ability to sell all assets as she sees fit. Then after she is name executor she could do that. I write most Wills such that the executor has the free right to buy, sell, etc both real and personal property in the executors discretion. If he had a Will and it provide this then you might still be alright? You would need an attorney to review on your behalf so you know for sure.

Expert:  RONB-ESQ replied 1 year ago.

I don't know if there is a lot to discuss here, but if you want to do over the phone I can arrange that but only if you want it. If you see any offer that is just the website and not me.

A phone call cost $52 and let me know if you want one. Either way is fine with me and I am happy to continue here if you wish.

Expert:  RONB-ESQ replied 1 year ago.

Thank you in advance for leaving me positive feedback as that is how I am paid to answer your question. Do note that even after you leave feedback you can continue to reply here with follow up questions related to your original question for free as long as needed.



Expert:  RONB-ESQ replied 1 year ago.

If you need me to further clarify something or answer another question related to the question you posted please reply here. Note you can reply for free even after rating me. I will be signing off for the night, but I will be available tomorrow afternoon. Feel free to reply here and i will respond once I log on tomorrow.



Customer: replied 1 year ago.
I would like to have more follow up but want to be sure to pay what I owe .. I think I originally paid $5 but will pay the full amount and ask my follow up later .. thanks ***** *****
Expert:  RONB-ESQ replied 1 year ago.

Gary this is Ron. I am taking a couple days off and plan to be back online Saturday after about 11:00 PM CST. Should you wish to reach me directly for another question you can go to and enter your question on my profile page or simply start your question with FOR RONB-ESQ and your question should get routed to me. If you wait until Saturday it will get routed to me. If it is before that time another expert will pick it up. At that time we can arrange a phone call if that is your preference or you can just type me a new question. As an fyi a phone call is typically $52 and goes 15-30 minutes. I look forward to hearing from you.