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Defunct Businesses Want Payment for Old Debt

I received an email asking for payment on a check issued in 2004 by a now-sold business (corporation - sold 2007). The sender said it had been misplaced and her business was also no longer in operation. She attached a pdf of the check and asked for payment. That account is closed and the business disbanded. Isn't she out-of-luck on this $90? It is not a payroll check, nor do I know for what it is.


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Whether the corporation you sold owes the funds to the payee of the misplaced check is a matter of state law. Five or more years have passed, and the debt may have been extinguished by the passage of time.

Regardless of whether the claim is valid, however, it's not your problem. You should inform the correspondent that the corporation that owed the debt was sold in 2007, and that she should contact the current corporate offices concerning her claim. Give her whatever contact information you have.

Published on BankingQuestions.com 1/14/10