Joint ownership of aircraft

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Joint ownership of aircraft

I have joint ownership of an aircraft with an ex-friend. He has taken the plane and locked it up where I’m unable to gain access to it. The airplane is worth about $150,000. He has offered to pay me $70,000 for it and I said I would pay him $75,000, however he has told me the only option I have is to sell it to him for the price he is willing to pay for it or take him to court. He has said,

Asked on July 3, 2019 under Business Law, Texas

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 1 year ago | Contributor

No, unfortunately--and unfairly--you won't be awarded legal fees. Under the "American Rule" which applies in this country, each party bears and pays its own legal fees, even if there was from the winning side's perspective "no need to take this to court" (though consider: the losing side presumably thought there was a reason to take it to court, otherwise they would not have done so). 
At $70,000, he is offering 14/15ths of what you indicate your share of the plane is worth ($75,000; one-half of $150,000); you have to decide if the other $5k is worth, as he probably correctly indicates, paying $10k on a lawyer (as well as your time; and the frustation or aggravation of litigation). 


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