Journal Issue:
Agricultural Law Digest: Volume 3, Issue 10
Agricultural Law Digest: Volume 3, Issue 10
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Cases, Regulations, and Statutes
(
1992-05-08)
Publication
Forgiving Principal in a Purchase Price Reduction
(
1992-05-08)
For purchasers of property unable to make payments as required by the obligation, a purchase price reduction may be a possible solution. If the debt of an original purchaser of property is reduced by the original seller of the property, the adjustment is treated as a purchase price adjustment and not as a discharge of indebtedness if the debtor is solvent.