QUESTION

who is responsible for a warranty once a corporation is sold? Are the new owners responsible for the warranty work?

Asked on Aug 25th, 2012 on Corporate Law - Tennessee
More details to this question:
I had a roof put on my house and it is leaking. i contacted the company only to be informed it was sold and i would have to contact the previous owners for the repairs. Is this true.
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1 ANSWER

You need to read the warranty agreement, but the answer depends on numerous facts.  However, if the company is still in existence, the contract likely will still be valid.  A corporation is a separate entity from the individuals who own the company.  Just because the company was sold to new owners does not exempt the company from performing on any contracts that it may have previously created.  You may need to consult with a local contracts attorney to determine where liability stands, and who to hold responsible. This is not intended to be legal advice, and is general in its 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 Aug 30th, 2012 at 2:13 PM

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