i bought a business through owner financing - the previous owner wasn't doing something they were supposed to be doing to be in federal compliance that now affects my ongoing costs. What recourse do I have? I can't just press reset and not pay the loan, right? I'm sure he'd plead ignorance
Answer
It depends on your contract and what warranties and representations were made by the Seller prior to the sale. As a general matter in most seller finance deals you are not permitted to simply stop paying as a matter of right without that right either being established in law or under the contract.
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