What am I responsible for if I sold a business with cars but 2 of them did not get transferred out of my name and 1 of the cars was involved in an accident?
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What am I responsible for if I sold a business with cars but 2 of them did not get transferred out of my name and 1 of the cars was involved in an accident?
Asked on February 17, 2015 under Accident Law, California
Answers:
S.L,. Member, California Bar / FreeAdvice Contributing Attorney
Answered 9 years ago | Contributor
Since you are still the registered owner of the vehicles, you are liable if the party driving the car was at fault in the accident.
Your liability includes property damage (cost of repairs to the other vehicle that was not af fault in the accident) and personal injury claims of the occupants of the other vehicle. Your liability on the personal injury claim(s) includes the medical bills, pain and suffering (an amount in addition to the medical bills) and wage loss.
Compensation for the medical bills is straight reimbursement. The medical reports document the nature and extent of the injury and are used to determine compensation for pain and suffering, which as mentioned above is an amount in addition to the medical bills. Compensation for wage loss is straight reimbursement.
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