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EQUIPMENT FINANCE/LEASING
My husband and I bought a company about 1 and a half ago. The owner never signed over the leases on some printing equipment to us. Even though it was written into our contract that we should be assigned the lease and the contract was sent to our seller. He never executed the contract and so the lease remains in his name.
Attorney answers (2)
Reputation Level 15
Answered about 3 years ago.
Speeding / Traffic Ticket Lawyer in Alexandria, VA.
Why would you have to continue paying for equipment covered in a lease which was never properly executed so that the responsibilty becomes yours?
Call up or write to the owner(s) of this equipment and tell them to come and get the stuff by a date certain.
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I agree, largely, with the first contributor. Because of the seller's failure to assign the lease, it is not your responsibility to pay the lessor. The lessor, presumably, would go after the seller's estate. If that happened, the representative of the estate might come after you. But you might as well just wait for that to happen (if it ever does).
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