QUESTION
My partner in an s-corp sold me all her shares. It refers to "her interest" in the deed of trust. could she only foreclose on the half I sold her?
Asked on Sep 10th, 2015 on Real Estate - California
More details to this question:
I've read the sales contract and it's about 60 pages long. The DOT refers to "her interest". So, if I defaulted could she sell the entire building, the half that I, I hope, did not put as security on the loan. How do I tell if my half is security? She wants the business back so she is forcing me into a foreclosure by not signing a loan renewal, as the bank insists it must have.
1 ANSWER
Estate Litigation Attorney serving Redlands, CA
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I've read your facts twice and I still don't understand your scenario. A corporation is different from real estate. You've talked about buying shares of a corporation? Then you talked about a half interest in real estate? A deed of trust is a security interest in real estate. Would you please restate your facts and ask your question again?
Answered on Sep 10th, 2015 at 8:30 AM