Liability Lensen indemnity, Inc, agreed to insure Porter Racing League race cars for damage incurred during on-track accidents Jensen Indemnity deposited 5400000 with Parts CO2 a Colorado firm that manufactured auto parts, so that it could buy parts for damaged cars without delay. Parts agreed to return amy upspent deposit at the end of the season. Near the end of the season, the owners of Parts decided to retire and soid its assets to Bourdain Motorsports, inc, o Georga corporation, Bourdain expressly. assumed Parts's habuities, but expressly stated in the contract that it did not assume any obigation to return unspent deposits of Parts's clients. Assume that instead of deciding to retire, the owners of Parts Co. jensen indemnity filed a suit in a Georgia state courf against Bourdain. decided that they were simply tired of being in charge of all the details of running a business but still wanted to do business. They worked with Bourdain Motorsports, Inci, to have Bourdain purchase the assets of the company, with the contract disclaiming any assumption of habilities. seeking to recover its deposit. What is the rule conceming the liability of a corporation that buys the assets of anotherf Are there exceptions? Which principles apply in this case? This transaction is labeled as a The contract In this transaction expressly the lablites of Parts. it that this transaction was commenced to escape labilisy on perpetrate a fraud; in this situation, the seller's buisines: discontinued, in order to hold Liability Lensen indemnity, Inc, agreed to insure Porter Racing League race cars for damage incurred during on-track accidents Jensen Indemnity deposited 5400000 with Parts CO2 a Colorado firm that manufactured auto parts, so that it could buy parts for damaged cars without delay. Parts agreed to return amy upspent deposit at the end of the season. Near the end of the season, the owners of Parts decided to retire and soid its assets to Bourdain Motorsports, inc, o Georga corporation, Bourdain expressly. assumed Parts's habuities, but expressly stated in the contract that it did not assume any obigation to return unspent deposits of Parts's clients. Assume that instead of deciding to retire, the owners of Parts Co. jensen indemnity filed a suit in a Georgia state courf against Bourdain. decided that they were simply tired of being in charge of all the details of running a business but still wanted to do business. They worked with Bourdain Motorsports, Inci, to have Bourdain purchase the assets of the company, with the contract disclaiming any assumption of habilities. seeking to recover its deposit. What is the rule conceming the liability of a corporation that buys the assets of anotherf Are there exceptions? Which principles apply in this case? This transaction is labeled as a The contract In this transaction expressly the lablites of Parts. it that this transaction was commenced to escape labilisy on perpetrate a fraud; in this situation, the seller's buisines: discontinued, in order to hold
