Legal Tip: Claims against a corporation
Wednesday, December 10, 2008 15:45
Question
How does it work in Panama when a corporation gets suied or something….can they get the property from us?
Answer
If someone submits a claim against the Corporation, first, they have to have real ground for the claim…so if the corporation will only hold the property as asset, there is a minimum chance that someone may have a ground for a claim against the corporation.
If the property has a lien (mortgage), then the property cannot be seized by a third party creditor, because the bank holding the mortgage will jump into the process and will request the property to be excluded from this process.
Normally, if there is a mortgage, people prefer to look for other properties, but if they try to seize the property, this may adversely affect your position with the bank that could declare that your credit is terminated and request immediate payment of the debt, so they will activate their guaranty and will attack the property.
Liked this post? Subscribe to my RSS feed and get loads more!
