Posted by Cal, Balto on July 10, 2002 at 22:50:30:
That is a tuff one. Is the business still operating and profitable or is it defunct. Is there any advantage of the church aquiring the business. Did the owner of the business sign any documentation showing that he was liable to the church for the debt? I need to know the details of the agreement between the owner of the business and the church before being able to tell you whether the church has any recourse or whether they just bought somebody a business. As far as refi’s go I don’t think anybody would touch that until the legalities are straightened out! I’d be happy to give more of an opinion if you can give more details about the structure of the deal. In the mean time tell the church to contact the best lawyer they can afford!