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I was the co-signer on a farm chicken business. I live in a

house in the farm and...
I was the co-signer on a farm chicken business. I live in a house in the farm and have been the labor forman for 5 yearrs. Now the friend I went into this venture wants me to leave. Do I have a say so or entitlements legally and what must be done to remove my name from the note and my credit report?
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Answered in 10 minutes by:
8/27/2013
Barrister
Barrister, Lawyer
Category: Real Estate Law
Satisfied Customers: 38,712
Experience: 17 years real estate, Realtor. Landlord 26 years
Verified
Hello and welcome! My name is XXXXX XXXXX I will try my level best to help with your situation or get you to someone who can.
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Is this a partnership between you and the other person?
.
Have you contributed money or assets to the business?
.
Who owns the farm and house?
.
Is the other person buying you out or does he just want you to leave?
.
Is the business profitable?
.
.
Thanks
Barrister
Ask Your Own Real Estate Law Question
Customer reply replied 4 years ago


I was under the impression I was a partner when I co-signed the note but he and especially his wife say I never was..


He bought the land and the house is financed on the bank loan I co-signed for 2.5 million dollars.


I have built a porch on the double wide and a horse barn and all the labor I did myself I was a building contractor before i went into the business. And all through the 5 years lots of my personal tool have been used.


His wife got mad at my wife and I and they just want us to leave and I must say we now do not want to stay. There have been several small buill I personally paid including some hired labor and contractors.


I have used my own personal small farm tractor for the past year and have recieved no compensation. I have worn out a 660 Yamaha UTV


in all aspects of the work in and around the poultry houses. I am mostly concerned with my responsibility concerning the loan because he is a total incompetent farmer and he will go broke if we leave.


 

Ok, to me it sounds like a valid partnership here where you are contributing the labor, and I am not sure what the other person is contributing...
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If you both are on the loan then the only ways to get off of it are if the bank voluntarily releases you (not going to happen), you pay off the loan, or the partner refinances in his name only.
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So since the first two probably aren't realistic options, the partner refinancing is about your only option.
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But if the house is financed on the note you cosigned then he couldn't force you out of it and if the land was part of the partnership, then you have an equitable interest in that as well even if you aren't on the deed.
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If the partner won't agree to buy you out and refi the note in his name, your options would be limited to filing a "partition lawsuit" where you get a judge to order that the business be sold to pay off the loan and get you clear of the debt, hopefully.
.
.
Thanks
Barrister
Barrister
Barrister, Lawyer
Category: Real Estate Law
Satisfied Customers: 38,712
Experience: 17 years real estate, Realtor. Landlord 26 years
Verified
Barrister and 87 other Real Estate Law Specialists are ready to help you
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Barrister
Barrister
Barrister, Lawyer
Category: Real Estate Law
Satisfied Customers: 38,712
38,712 Satisfied Customers
Experience: 17 years real estate, Realtor. Landlord 26 years

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