Can I sell a truck that lists my business as the owner on the title?
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Can I sell a truck that lists my business as the owner on the title?
I started a business with a friend and have been paying all expenses to get the business up and running. My business partner needed a truck and asked me to loan him the money. Our agreement was that he would pay me back
every week and it would be paid back in a couple of months. I bought the truck and the title listed our business as the owner. I kept the title and said he would get it once he paid me back. It has been months 8 and he has only paid me $800. He makes plenty of money but finds excuses every week. Can I sell the truck to get the rest of my money back? Our friendship is over and I have decided I can’t work with him professionally. I want to know if I have the legal authority to sell the truck that is in his driveway but I bought and have the title
to.
Asked on March 5, 2016 under Business Law, Massachusetts
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 8 years ago | Contributor
If the business is the owner, only the business can sell the truck: a non-owner cannot sell it. If the two of you are 50-50 owners, it may be impossible to get him to agree to sell it without legal action (see below).
What you can do is to sue him for the money he owes you under the agreement between you: it is possible that the suit can then be settled or resolved by him agreeing to the truck's sale and that the money will go to you.
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