landlord in possesion of assets

[landlord]

My commercial tenant abandoned his lease last October and walked away from his industrial space without removing a pencil. I am in possession of his inventory, office furniture, warehouse fixtures, forklift, computers etc with an estimated value of at least $10,000.00 I also paid to move it from the premises and for storage for the last 7 months. The trustee just filed a "no asset report' and is in the process of discharging. What are my rights ? First attorney I talked to said I would have to give everything back to the tenant?

[HHM]

This is more an issue of state law than bankruptcy. If the tenant abandoned the property and then filed BK; you can dispose of the property however you wish, (but again, this issue will depend on state law, and if any other entity has superior lien rights). Most states provide that after a certain period of time and proper notice, the landlord gains title to the contents of a leased premise. Thus, it just depends if, under your state's law, the property is considered abandoned; if yes, then it's yours to sell; if no, the BK trustee can request turnover of the property. If the trustee does not request turnover, then the stuff is probably safe for you to sell. Again, you will need to review your state's laws concerning when property is considered abandoned and be sure you comply with any notice requirements.

However, the bankruptcy will discharge any recourse you have against the tenant. So, you better get to re-leasing the space.

[landlord]

Thanks for the response

Appreciate it!

Space is already leased. Just wondering what I can do with this stuff.

[BigJohn]

The store I am renting was formerly rented by an attorney. The lawyer forgot to pay his rent so the landlord changed the locks and several months later, rented the space out to me. This all happened over 10 years ago. The lawyer, still to this day, still bugs the landlord for compensation. The landlord laughs.

I would sell the stuff as soon as you can.