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There are two shareholders in the corporation which owns a…

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There are two shareholders...

There are two shareholders in the corporation which owns a house. I am one of the two shareholders. Today, i was informed that the title of the property has been transferred from our corporation to another corporation owned by the other shareholder without any notice sent to me. He claimed he paid off the corporation loan of the property and therefore, he can transfer the property of the corporation to his own corporation. Is this legal? During the title transfer, isn't it the fact that all shareholders must sign? Thanks.

Lawyer's Assistant: Because real estate law varies from place to place, can you tell me what state this is in?

New York

Lawyer's Assistant: Has anything been filed or reported?

The deed was filed within one week

Submitted: 11 months ago.Category: Legal
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Answered in 2 minutes by:
9/9/2017
Lawyer: Loren, Attorney replied 11 months ago
Loren
Loren, Attorney
Category: Legal
Satisfied Customers: 39,226
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Lawyer: Loren, Attorney replied 11 months ago
if that was the only asset of the corporation then it was a liquidation of the corporate assets and it would have required your consent.
Additionally, the other shareholder has misapporprated the corporate assets and that is also a source of liability to your for which you could sue.
Please remember to leave a favorable rating (click 5 stars in the rating section on this page). It is the only way that I am credited by JustAnswer for answering your question.
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Customer reply replied 11 months ago
Thanks for your answer. This house is the only asset of the corporation. The other shareholder claimed he paid off the loan associated with this property, and therefore, he is entitled to the property 100%. Is this claim legal? He also changed the lock of the house, and showed the deed transfer paper to the police to prevent me entering into the house. I had my personal property in the house, but was not allowed to enter the house to take away my personal properties. What is the next step i should do?
Lawyer: Loren, Attorney replied 11 months ago
That is not a legsl claim (taking ownership by paying off the note), unless there was a written agreement to that effect. Otherwise, he has misappropriated corporate property and, possibly commited fraud. You should sue him for money damages.
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Customer reply replied 11 months ago
Thanks. How can i take my personal property out from the house? Should i report to Police or should i file a motion in the court? Can i sue the title company who allows the deed transfer?
Lawyer: Loren, Attorney replied 11 months ago
You need to sue the other shareholder. There is no claim against the title company.
As far as the personal property, you will need to file a petition requesting a the court issue a writ of replevin.
That is an order commanding someone return property of another they came into possession of to the rightful owner. If they refuse the court can hold them in contempt and fine or even jail them.
The court can also award you money damages for your loss of use.
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Lawyer: Blake,
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I requested a phone call with you.......are you going to call me soon? Thanks.
Lawyer: Loren, Attorney replied 11 months ago
The phone call request was accepted by a different expert. You should be getting a call shortly, if you have not already.
If you do not get a call let me know and I will report it to customer care so they can reach out to the expert who accepted the offer.
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