transfering debt to new owner

What is the name of your state? Washington.

We sold our business to one of our employees August 1, 2004.

Our sales agreement was as follows: A large down payment and she pays us $3,000.00 per month till September 2006 and then a balloon payment at close of term. Since she was a valued employee we gave her special arrangements and no interest on the amount owed.

She just sold the business to someone else and wants to transfer her debt to us to the new owners. I want to be paid off at the time of the sale.

Do I have a leg to stand on?

Q: Do I have a leg to stand on?

A: What did your sales agreement say about her selling to someone else?

Our sales agreement does not include anything about her selling to another party.

randommly said:

Our sales agreement does not include anything about her selling to another party.

Click to expand...

Without knowing more and based solely on the skimpy facts presented, you do not have much of a case.

You have to realize, however, that there may be statutes that cover these things.

Hire a good business lawyer and find out your standing.

Washington State


The payment agreement plan on the Purchase and Sales agreement simply reads:

Ms. XXXXX agrees to pay XXX and XXXX XXXXXX, owners of LBS Inc., the following:

$XX,000 Down payment
$X,000 Per month for 24 months Starting September XX, 2004
$XX,000 Balloon payment at close of term Due September XX, 2006

Total payments: $XXX,XXX

Can she legally transfer ownership of our agreement to a third party (owner)?
Shouldn't she have to pay off her debt to us for her purchase of our business prior to selling to someone else?

Wouldn't it be a mistake for us to transfer her debt to us to someone else. We know she has the funds to pay us off, we do not know if this new owner does.

Your help and kind understanding is greatly appreciated.






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Hire a good business lawyer and find out your standing.

yes, the same lawyer that you should have hired before selling**************...