Why Wrongful Death Plaintiffs Should Conduct an Asset Search
What if you lose a loved one through no fault of your own? What if someone you love is hurt or injured by an employer or a third party?
An example might be if your husband who is a factory worker gets killed on the job. What if you suspect that the safety procedures at his company were less than adequate and resulted in his death? What if that prior to his death there were numerous safety complaints made against his company?
Although you might be receiving the proceeds of his life insurance policy, you still feel that there was gross negligence on the part of the company and that your damages exceed the policy limits, what do you do then? You and your family decide to hire an attorney to file a wrongful death suit against his company. As part of you or your attorney’s due diligence you will want to have them run a Business Asset Search on the company. After all, losing your loved one is already fraught with emotion and stress so if you are going to sue the company your attorney will want to make sure they have the assets to pay you and your family.
A Business Asset Search is conducted to uncover both the assets and liabilities of a company. The Business Asset Search can provide you with not only the (real estate owned by the business, motor vehicles, watercraft, aircraft patents, trademarks and the like) but also corporate officer information, members, subsidiaries, Dunn, and Bradstreet records, and more. Liabilities uncovered in an asset search would include Bankruptcies, Civil litigation by others who have also sued the company, State and Federal Tax Liens, Uniform Commercial Code liens and Judgement Liens.
If after your attorney completes an asset search and the report uncovers that the company has ability to pay above and beyond their insurers policy limits, you can then make the decision on whether to file a wrongful death suit. Be advised that on average it could take between 1-4 years to get a payout if you successfully win damages. Make sure that you and your family are ready to pursue this for the long term but do so with the added information that only an asset search can provide.