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Is a new owner responsible for a pending lawsuit that was incurred by the previous owners?
Wiki User
∙ 16y ago
Not enough information: owner of what? Lawsuit about what?
For example: If you're the new owner of a building that has violated some ordinance, then yes, you will probably be responsible. If it's a personal claim against the previous owner of property for some accident liability, then no, you are not responsible for what happened before. On the other hand, there may be a lien on the property because of the lawsuit filed, or you could have purchased an entire business with all of its assets AND LIABILITIES in gross, and good luck with that.
Wiki User
∙ 16y ago
Wiki User
∙ 16y agoI am actually in the process of buying a business with a pending lawsuit and through my consultation with several attorneys, I have found the answer to be yes. There are circumstances which this would not be the case, but as a general rule, the new owner will incur the liability from a pending lawsuit.
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