QUESTION

My husband's business partner wants to buy my husband's half of the business with a note. How can we guarantee payment of this note?

Asked on Feb 09th, 2000 on Business Law - New York
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My husband's business partner wants to buy my husband's half of the business with a note. How can we guarantee payment of this note?
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1 ANSWER

Michael Stolzar
There is almost no way to guarantee payment, but a security interest in all of the business sold including the stock would provide better assurance of payment and a possible remedy and relief for  non-payment.This is not intended to be legal advice, and is general in nature. No attorney client relationship exists or is formed by this information. Furthermore, this does not represent the views or opinions of LexisNexis or its affiliated companies.
Answered on Jun 19th, 2012 at 10:30 AM

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