Note: The title is incorrect should be
Payor Put Stop Pymt on Check After Sale of Interest in Business Without My Knowledge
My question involves business law in the state of: NEW JERSEY
Here is a summary of the situation. I apologize if I posted this in the wrong section or if it is confusing & rambling
Here is a timeline of this situation:
On March 25, 2018, I received a personal but bank 'counter check' in the amount of $25,000.00 payable to myself as part of a verbal agreement of the sale of my interest of a business of which I was a silent partner in with another individual who wrote up the bill of sale where I was to get $100,000 in 4 payments of $25,000 the first one dated March 25 2018 which I deposited the next day. . The other three checks were post dated 4/25/18, 5/25/18, 7/25/18. The payor wrote out these four checks to me at the bank branch (PNC BANK)
Two days later I was informed by my bank this check that I just deposited was returned on March 28, 2018 unpaid due to a Stop Payment as I was informed by bankj
I have since contacted the person who wrote the check to me (Payor) in a formal certified 'check demand letter' however I have not yet heard back. I have since sent a second 'demand' letter for the face amount (plus $12 fee which I was assessed), however I have not heard anything back from the payor (writor of the check). I also tried to reach the other partner however he has not responded either.
Can I sue for the face value of the check which the payor put a stop payment on without any prior or current notice or responding to the 'demand letter I had sent' and if the other 3 remaining checks have stop payments on them sue for the total amount if it can be proven that he never intended to pay me say if he immediately placed stop payments on all four checks without any notification???
Payor Put Stop Pymt on Check After Sale of Interest in Business Without My Knowledge
My question involves business law in the state of: NEW JERSEY
Here is a summary of the situation. I apologize if I posted this in the wrong section or if it is confusing & rambling
Here is a timeline of this situation:
On March 25, 2018, I received a personal but bank 'counter check' in the amount of $25,000.00 payable to myself as part of a verbal agreement of the sale of my interest of a business of which I was a silent partner in with another individual who wrote up the bill of sale where I was to get $100,000 in 4 payments of $25,000 the first one dated March 25 2018 which I deposited the next day. . The other three checks were post dated 4/25/18, 5/25/18, 7/25/18. The payor wrote out these four checks to me at the bank branch (PNC BANK)
Two days later I was informed by my bank this check that I just deposited was returned on March 28, 2018 unpaid due to a Stop Payment as I was informed by bankj
I have since contacted the person who wrote the check to me (Payor) in a formal certified 'check demand letter' however I have not yet heard back. I have since sent a second 'demand' letter for the face amount (plus $12 fee which I was assessed), however I have not heard anything back from the payor (writor of the check). I also tried to reach the other partner however he has not responded either.
Can I sue for the face value of the check which the payor put a stop payment on without any prior or current notice or responding to the 'demand letter I had sent' and if the other 3 remaining checks have stop payments on them sue for the total amount if it can be proven that he never intended to pay me say if he immediately placed stop payments on all four checks without any notification???
Business Disputes: Payee Put Stop Pymt on Check After Sale of Interest in Business Without My Knowledge
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