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N Cal Atty
N Cal Atty, Attorney
Category: Traffic Law
Satisfied Customers: 9415
Experience:  Since 1983
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If my small business is buying a truck from another small business,

Customer Question

If my small business is buying a truck from another small business, and they have agreed to carry a loan note. What is the steps we take in order to release the small business seller from any future liability while by business uses the truck and makes payments?
Submitted: 1 year ago.
Category: Traffic Law
Expert:  N Cal Atty replied 1 year ago.
Thank you for your question. Every State has a law that makes the owner of a vehicle liable for certain damages caused by a person who used the vehicle with permission of the owner. The only way for the seller to be clear of such liability is to sell the vehicle to your business outright, but the seller can retain a security interest in the vehicle. Like a mortgage that is secured by real estate, the sale of a vehicle can be secured by the vehicle. If you tell me which State you are in, I can try to find more specific information.