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Franchise Buyer’s Fraud Claim Bars Seller’s Summary Collection of Note

Introduction It can be easy for a creditor to obtain a judgment against a debtor that has defaulted on payment of a promissory note. Essentially all the creditor must do is produce the signed note and prove nonpayment. But not

Posted in asset purchase agreement, fraud in business sale, promissory note, rescission Tagged with: ,

Court gives seller of business assets right to take business back because of buyer fraud

This case has the feeling of a Shakespearean tragedy. Roger and Shirley owned a business, which we will call Seller.  They retired and turned management of Seller over to their son Jeffrey.  Jeffrey ran the business as an officer of

Posted in fraud in business sale, rescission

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