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About the Teleseminar
The general rule is that when a buyer takes ownership of an asset it takes ownership only of the asset and not also the liabilities or other obligations of the seller, unless those other liabilities are explicitly assumed. But there are substantial exceptions to the general rule that tag the buyer with substantial liability for the debt or other obligations of the seller’s business. This liability, if not anticipated, can easily undo the basic economic assumptions of the parties entering the transaction. This program will provide you with a real-world guide to identifying the risks of successor liability in various transactions, including liability under common and statutory law, special bankruptcy and foreclosure issues, and discuss drafting techniques to limit or eliminate the risk of successor liability.
- Successor liability in asset purchases in ordinary and major business transactions
- Fact patterns giving rise to successor liability – business continuation, fraud, product line continuation, and more
- Buyer liability at UCC Article 9 foreclosure sales
- Successor liability under federal employment and environmental statutes and under state sales/use tax law
- Special issues in buying property out of bankruptcy
- Drafting techniques to limit or eliminate the risk of liability
About the Speaker
Allen Sparkman is a partner in the Houston, Fort Worth, and Denver offices of Sparkman Foote, LLP. He has practiced law for over forty years in the areas of estate, tax, business, insurance, asset protection, and charitable giving. He has written and lectured extensively on choice-of-entity, charitable giving and estate planning topics. He is the Colorado reporter for the books "State Limited Partnership Laws" and "State Limited Liability Company Laws," both published by Aspen Law & Business and co-author of “Using Limited Liability Companies, Partnerships, and Limited Partnerships in Colorado,” publishing by CLE in Colorado, Inc. Mr. Sparkman received his A.B. with honors from Princeton University and his J.D. with high honors from the University of Texas School of Law.
Mandatory MCLE Credit Hours
This seminar qualifies for 1.0 MCLE Credit Hour
(Instruction Level: Intermediate)*Live Teleseminar programs are not live credit programs. Supreme Court Commission on CLE rules allow SC Bar members to use Alternatively Delivered programming to obtain up to 6.0 hours of MCLE each reporting period. For FAQ’s please click here.