QUESTION
I purchased a retail store 4 yrs ago with owner financing. Contract says we are in default if 30 days late. We are now about 45 days late.
Asked on Aug 12th, 2011 on Business Law - Minnesota
More details to this question:
The former owner (Contract Holder) wants a copy of our current inventory and our customer list with last purchase date and item purchased. Do we need to provide this?
He wants to contact customers and ask them questions about their needs and experience. Do we have to allow this?
If he begins a default process, how long do we have to respond?
What can he do to interrupt our business and employees?
1 ANSWER
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The terms of your contract are very important to determining what the rights of the seller are. It is not possible to tell from your inquiry whether the seller retained a security interest in anything that he sold to you, or what remedies for default he contracted for. Without this information, it is not possible to provide a useful answer to your question. You will want to take your contract to an attorney and have him review it. It may be possible that an attorney can assist you in negotiating a resolution of this problem prior to the institution of litigation.
Answered on Aug 12th, 2011 at 10:36 AM