QUESTION

If an agreemnt releases one from a judgmnt, & the creditor then defaults on the new agrmnt, is there any way the creditor can collect on old judgmnt?

Asked on Jul 27th, 2012 on Business Litigation - Massachusetts
More details to this question:
I agreed to buy my partner''s 50% shares of our business. I defaulted before any shares transferred. He sued, won a judgment. Before attempting to collect, he agreed to buy out my shares at a steep discount, and releasing me from the judgment. Then HE defaulted. Is there any way he can collect on the old judgment? No shares have transferred. Aren''t we back to square one? He currently plans to sell the company. No shares ever transferred, so I believe I am entitled to the full value of my shares. Or I could sue to enforce the more recent agreement. If the old judgment was agreed to be dropped in the more recent contract, is there any reason it should be a factor in our negotiation? Thanks!
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1 ANSWER

Litigation Attorney serving Greenwich, CT
Partner at Hilary B. Miller
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The old judgment was vacated and the new agreement was substituted for it. Whatever rights you have, they are the rights specified by the new agreement.
Answered on Jul 27th, 2012 at 3:55 PM

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