Hayden Tompkin leased commercial property to a car rental company, Cars the Limit, Inc., for a ten-year term. After two years, Cars the Limit's original shareholder, Tom Brody, sold his shares to Erika Taylor and Taylor's bookkeeper, Sandy Connors. Tompkin visited the property in the ninth year of the lease and found many problems with the condition of the property. He claimed that the lease required the tenant to make necessary repairs. Tompkin sued Cars the Limit, Inc., and Erika Taylor and Sandy Connors individually for breach of the lease contract. Taylor and Connors maintain they are not liable for the debt of the corporation. Are Taylor and Connors correct?© BrainMass Inc. brainmass.com June 4, 2020, 2:55 am ad1c9bdddf
Due to the fact that this was what is known as a stock purchase, Erica Taylor and Sandy Connors will be liable for breach of the lease contract, due to the fact that the legal ramifications of a stock purchase include the ...
The expert examines the ramification of tenant contracts.