If a business is bought out, do deposits get transferred over to the new company?

UPDATED: May 20, 2014

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If a business is bought out, do deposits get transferred over to the new company?

I own a small cabinet and countertop business. We sent in a downpayment on a granite slab but then 2 months after our check was cashed we received notification that the company was bought out. The new company has been saying that we have to repay the downpayment, is this correct? We have not signed a contract with either company.

Asked on May 20, 2014 under Business Law, Wisconsin


Shawn Jackson / The Jackson Law Firm, P.C.

Answered 8 years ago | Contributor

Two initial questions...do you have a copy of the invoice that you paid the downpayment...and do you know how to contact the previous owner?

Shawn Jackson - California Business Attorney

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