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  1. #1
    Join Date
    Jun 2012
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    1

    Default I Was Sold Leased Equipment

    My question involves business law in the state of: Canada

    I purchased the assets of an automobile repair business and subsequently found out many months later that most of the major assets were leased. I've been running the shop for months and now the leasing company is threatening to come repossess everything I've already purchased from the original leasee unless I take over the leases. The entire deal looks fraudulent at the moment for a number of reasons but emotions aside, I'm out 50K and need to some ideas on the technical details of the law around this. My intuition is to kick the repo group off my property since the building lease is in my name now and they would be trespassing in a civil matter.

    Thanks for any advice.

  2. #2
    Join Date
    Sep 2005
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    Posts
    98,846

    Default Re: I Was Sold Leased Equipment

    You need to consult a lawyer in Canada about your remedies. There's potential recourse against the seller, assuming he has assets to repay you for the equipment he "sold" but didn't own. You can also investigate the nature of the lessor's contract and security interest, and if they should have done something to give you notice of their security interest to protect you (and themselves) in the event of an arm's length sale of the business's assets. Unfortunately, as this is a U.S. forum, we're not going to be able to share much insight about Canadian law.

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