What is the name of your state (only U.S. law)? Pennsylvania
In 2007, I contracted with a construction company to build me a home. I owned the land upon which the house was to be built, and transferred it to the construction company's sister company, a real estate agency. The "proceeds" of that sale were immediately applied as a down payment (in other words, no money actually exchanged hands). Both companies are owned by the same two men. These men are also the ones who do the actual construction of their projects, and one is a licensed realtor. After several months, and partial completion of the house, the deal fell through and I requested my money back as called for in the contract. The builder refused.
In December of 2009, an arbitrator awarded me a judgment of $147,000. I filed the judgment and placed a lien on the property. In speaking with the bank who holds the current mortgage on the property, a foreclosure action is imminent. Also, it appears that the two companies may both be defunct now.
If I am unable to collect on the judgment because the businesses are both defunct, do I have the ability to enforcement the judgment against the company owners personally? I believe both companies are/were incorporated.
Thanks for any insight you can provide.
In 2007, I contracted with a construction company to build me a home. I owned the land upon which the house was to be built, and transferred it to the construction company's sister company, a real estate agency. The "proceeds" of that sale were immediately applied as a down payment (in other words, no money actually exchanged hands). Both companies are owned by the same two men. These men are also the ones who do the actual construction of their projects, and one is a licensed realtor. After several months, and partial completion of the house, the deal fell through and I requested my money back as called for in the contract. The builder refused.
In December of 2009, an arbitrator awarded me a judgment of $147,000. I filed the judgment and placed a lien on the property. In speaking with the bank who holds the current mortgage on the property, a foreclosure action is imminent. Also, it appears that the two companies may both be defunct now.
If I am unable to collect on the judgment because the businesses are both defunct, do I have the ability to enforcement the judgment against the company owners personally? I believe both companies are/were incorporated.
Thanks for any insight you can provide.