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FOR LEGALGEM If the owner were to get a new investor by

FOR LEGALGEM If the owner were...
FOR LEGALGEM
If the owner were to get a new investor by doing this, upon the sale of the car, would all of this had to have been figured out in court “first”, or can the car be sold… everyone paid “except” for the first investor, and “THEN” his part and what he’s owed of the proceeds be hashed out in court afterward?PS one of the past Qs wouldn't let me tip you, so I will just tip you for both on this Q, ok? (2x $15) thanks!
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Answered in 15 minutes by:
3/21/2018
legalgems
legalgems, Lawyer
Category: Legal
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Hello! I will be reviewing your question and posting a response momentarily; if you have any follow up questions please respond here. Thanks!

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Something is going on with the site; this was half way down the general question list so I just got it; just a moment please so I can review the post.

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The court does not have jurisdiction over a dispute until one of the parties file an action.

So for example, if the seller sells the car and a party claims they had an ownership interest in it, they can then sue for damages based on the breach of contract theory, quantum meruit, etc.

The problem with waiting to see what happens is that it is entirely up to the court to decide, 20/20, what the parties' intents were, and what is fair. So if the court determines the seller should not have brought on the new investor, they may decide:

1. to allow the original investor their full investment/return to "get the party the benefit of the bargain" they expected from the contract. So deducting that, then investor #2s share, could result in seller not getting what they had expected.

2. or they may agree with seller that investor #1 should receive $x and seller is in the position they desired to be.

So most people will try and figure it out in advance so they know what they can expect. Litigation isn't always the only option.

Mediation is popular; this is where a facilitator will help the parties try and communicate with each other so each party understands where the other one is coming from so they can reach a "fair" settlement that everyone is happy with. This is strictly voluntary, and is not binding so it does not guarantee a final result; but it is often successful, is cheaper than a lawsuit, and some areas even offer free mediation either community based through the city attorney's office, or through the small claims division (and some do require a pending case, whereas many do not-the programs vary greatly).

legalgems
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Category: Legal
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Customer reply replied 3 months ago
ok thanks so much. again, great info! And because I have these Qs already previously typed out, I didn't realize that you had already answered some of that. I appreciate this new info! I will rate and tip you now then send the next Q. I'll just keep sending them until you have to go, and I'll understand whenever that time comes! (there are 2 Qs left). Again, thanks so much!

Thanks; I am running late so I really need to go but if you post your questions I can address them tomorrow morning; otherwise please don't put my username in front of the question because that will delay you from getting a response from a different contributor. Thanks!

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