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stop payment of check
i sold my business and on the day of inventory he paid me by check and i hand
over business to him but after that he stopped check payment. what i need to do ?
Asked on June 4, 2017 under Business Law, Wisconsin
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 6 years ago | Contributor
You sue him for the money: he is in breach of contract by not paying, and you can recover monetary compensation (i.e. get the money he owes you) and/or get your business back. But you need to act *immediately*, before he, say, sells anything of value and hides or loses the money, leaving you unable to recover compenation or get the inventory, etc. back. File a lawsuit on an "emergent" (think: "urgent" or "emergency") basis to expedite matters, and while doing so, request an injunction barring the buyer from selling or transfering any assets pending the resolution of the case (i.e. to hold the status quo in the meantime). Filing on an emergent basis can be complicated, and seeking an injunction--a court order--increases the compexity; you are strongly advised to retain an attorney to help you.
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