Ian Bell loaned $250,000 to Bio Defense Corporation, a waste management company in Massachusetts. Before Bells loan
Question:
Ian Bell loaned $250,000 to Bio Defense Corporation, a waste management company in Massachusetts. Before Bell’s loan came due, Boston Local Development Corporation (BLDC) foreclosed on its own loan to Bio Defense, forcing Bio Defense to cease operations and be sold. At the foreclosure sale, BLDC bought Bio Defense’s property, including three very valuable patents (assets). BLDC then sold these patents to Oneighty C Technologies Corporation (OCTC). Bell, who had not been paid back for his loan to Bio Defense, learned of these events and filed a lawsuit against OCTC, claiming that OCTC was the corporate successor to Bio Defense. Could OCTC be held legally liable on the unpaid loan to Bell? [Bell v. Oneighty C Technologies Corp., 91 Mass.App.Ct. 1112, 81 N.E.3d 825 (2017)] (See Purchase of Assets.)
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Business Law Text And Cases
ISBN: 9780357129630
15th Edition
Authors: Kenneth W. Clarkson, Roger LeRoy Miller