Can I get my equipment back?
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Can I get my equipment back?
We sold our Motorcycle business back in November and they have not paid anything on it yet. They are being evicted by the landlord for non payment of the rent since they took over. They have sold a bunch of the equipment and we don’t what to loose the rest/ what can we do?
Asked on May 21, 2018 under Business Law, Texas
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 5 years ago | Contributor
You can't get the equipment back from whomever purchased it, since if you sold it to them, they had the right to sell it (and the law will also not take it away from whomever paid fair value to buy it in good faith). You *may* be able to recover anything they have but have not yet sold since you can likely show that the contract of sale is terminated by their nonpayment (we are assuming that as per the contract or agreement of sale, they were supposed to pay something by now, but failed to make that payment), and a termination of the sale should return the things you sold to them back to you. You can also certainly sue them for any money they owe you for the sale of your business, as per the contract or agreement of sale. Consult with an attorney to explore you best options in this situation.
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