Complicated property

[Nsktwo]

In MA if a piece of property is owned by a corporation that was never formally established (it’s not in the registry of corporations) can I formally create the corporation an become the owner of the property?

 

[quincy]

We will need more information.

 

[Nsktwo]

Sorry I edited the post

 

[quincy]

In MA if a piece of property is owned by a corporation that was never formally established (it’s not in the registry of corporations) can I formally create the corporation an become the owner of the property?

What is your connection to the corporation and the property?

 

[Nsktwo]

What is your connection to the corporation and the property?

It’s a very complicated situation. Years ago my grandfather along with 12 others acquired the property they did it through a corporation in which they all had 1 of 13 shares of. Nothing ever came of the property because as you could figure, no one could agree on anything collectively. The years passed and some died others moved away and only two men collectively paid the property taxes. My grandfather is the last because the other just informed him he was done with it. My grandfather wants me to have the land and not let it get tax taken. So I was concerned about paying the taxes and then being held up legally by the heirs of the other 12 men who have abandoned it. After some research I found the deed made out to the corporation. Then called the registry of corporations and found no record of the corporation.

 

[Zipzip]

Who has possession of the property?

 

[quincy]

You will need to find out who owns the property before you can buy it to own it. With 12 possible original owners, that might be quite a task.

Starting your own new corporation would be easier than trying to revive the one that your grandfather and friends formed and dissolved years ago. You potentially could adopt the same name for your new corporation however if, after a thorough trademark search, the name is not already in use by someone else.

Good luck.

 

[adjusterjack]

It’s a very complicated situation.

It's a mess created by people to cheap to pay a lawyer to get things done properly and now it's going to cost 10 times as much to clean up the mess.

So I was concerned about paying the taxes and then being held up legally by the heirs of the other 12 men who have abandoned it.

That's exactly what will happen when the heirs smell money.

I suggest that your grandfather hire a lawyer to clean up his mess before you attempt to take ownership of the property. If he's not willing to do that I suggest you tell him "Thanks, gramps, not interested."

 

[justalayman]

You will need to find out who owns the property before you can buy it to own it. With 12 possible original owners, that might be quite a task.

Starting your own new corporation would be easier than trying to revive the one that your grandfather and friends formed and dissolved years ago. You potentially could adopt the same name for your new corporation however if, after a thorough trademark search, the name is not already in use by someone else.

Good luck.

He wants to reinvigorate the defunct Corp so he can claim ownership of the property.

 

[justalayman]

In MA if a piece of property is owned by a corporation that was never formally established (it’s not in the registry of corporations) can I formally create the corporation an become the owner of the property?

The property is/was owned by the corporation. The specific share of the Corp owned by each party and the acts involving the dissolution of the Corp will determine who has rights to the property. If there is any real value to the property, expect others to step forward and make a claim for their share.

 

[quincy]

He wants to reinvigorate the defunct Corp so he can claim ownership of the property.

I understand that. Reinvigorating a defunct corporation is not going to give him property ownership.

 

[justalayman]

I understand that. Reinvigorating a defunct corporation is not going to give him property ownership.

You know that. I know that. Apparently the op doesn’t know that.

Your reply seemed to ignore that is what his unstated intention is. You suggested creating a new Corp which would do nothing in regards to what his unstated intentions are.

 

[quincy]

You know that. I know that. Apparently the op doesn’t know that.

Your reply seemed to ignore that is what his unstated intention is. You suggested creating a new Corp which would do nothing in regards to what his unstated intentions are.

I didn't ignore the property. I told him he would need to locate all owners.

I suppose a lot depends on what role the property played in the corporation.