Re: what are my RIGHTS? - Posted by JPiper
Posted by JPiper on January 20, 2001 at 11:52:21:
The best advice is as Bud said below: ?See an attorney.?
It sounds like a formal written agreement was entered into by your partner and the contractor for the repair of the property. This agreement will control what happens vis-à-vis the contractor. Whether you ?told? the contractor something, or whether you wanted to approve the agreement, is irrelevant now regarding the relationship with the contractor. It will only be defined by the written agreement. If this agreement was inadequate then your solutions will probably be inadequate.
A separate matter would be the relationship between you and your partner. In general, as Bud says, partners are bound by and responsible for the acts of their partners. However, if you per chance have a written partnership agreement with your partner, and the partner breached that agreement by entering into a deal with the contractor, then perhaps you would have a claim against the partner. Only an attorney would know this though AFTER reading the document.
None of this of course FORCES the contractor to buy your interest. And none of this, in and of itself, would force your partner to buy your interest either. Disputes between partners sometimes are settled by a partition suit, which forces the sale of the property. But of course if the property is now damaged this may not be very rewarding. Of course if there did happen to be a written agreement with the partner that he breached, then perhaps you can use the possible future legal consequences to him as a lever to have him buy you out. Only an attorney will know after reviewing the situation.
There may be other factors involved here?and therefore you should speak with an attorney regarding the matter. I might add that one lesson to be learned here is that had you spoken with an attorney FIRST before this partnership/co-owner deal, perhaps you would have been better informed of the possible problems that could stem out of such an agreement, and therefore could have structured the deal differently. Don?t make the same mistake twice?.see an attorney.