couple of years ago i bought taxi medallion. my uncle had a share in it then like about 2 years ago he took his share out.depending on the value of the taxi we paid him his half of the share now since the price of the taxi medallion has increased he wants more money. is that possible.im trying to tell him that how is that possible when he no longer has invested money in it but he is being ignorrant and doesnt want to listen am i right that he cant get money or am i wrong?
2007-11-20 12:54:20 · 8 answers · asked by maxed_out102 2 in Politics & Government ➔ Law & Ethics
his name isn't even on any paperwork it was verbal agreement so i can even say he never had a share with me but i believe it is not necessary because him taking out his share is enough!!
2007-11-20 13:36:20 · update #1
You are right. Tell you uncle he can buy his share back but since the value went up he needs to pay more for it. Just ask your uncle if you can sell a house then wait 2 years and go bakc and get the increase value from the new owners.
2007-11-20 13:06:17 · answer #1 · answered by john a 6 · 0⤊ 0⤋
Just ask him if he would have given you money if the value had gone down. Once you withdraw your investment and share of profits or loss, you can no longer share because you have no share-you can't profit or have a loss. There may be more legal stuff you might have to deal with and for that you need an attorney. Give him a worksheet of his share-increase of value times his share (0) = 0. I'd be so mad that I would rub his loss in his face. He's being a b*tt and he knows it and he must think you are truly stupid.
2007-11-20 21:03:17 · answer #2 · answered by towanda 7 · 1⤊ 0⤋
Unless you've left out something, you don't owe him anything. Normally, a former partner who has taken all investment plus profit to date out does not have any ownership in any increase in value beyond that time.
2007-11-20 20:59:25 · answer #3 · answered by nam_miles 6 · 0⤊ 0⤋
Is his name on the permit? If it is, you could have a problem. I believe that as long as the person who's name is on the permit renews it, than they have control.
2007-11-20 21:06:37 · answer #4 · answered by nathan f 6 · 0⤊ 0⤋
If you bought out his interest, that's that....he has no claim on any more money.....so ignore him....and if he's foolish enough to sue he'll only loose...Good Luck.
2007-11-20 21:03:22 · answer #5 · answered by The Original GarnetGlitter 7 · 0⤊ 0⤋
You're Right. He's just wants more money.
2007-11-20 20:57:09 · answer #6 · answered by Em 3 · 0⤊ 0⤋
I suggest you consult an attorney.
2007-11-20 21:03:59 · answer #7 · answered by Baby Poots 6 · 0⤊ 0⤋
You are right. Once you buy him out, he is out. He has no more interest or stake in it.
2007-11-20 20:57:03 · answer #8 · answered by Modest 5 · 1⤊ 0⤋