In 4-Way Electric Services, LLC v. Huntcole, LLC, __ So.3d __, 2023 WL 4114332 (Miss. June 22, 2023), the Mississippi Supreme Court considered a dispute between the sellers and buyer of a business that refurbishes electric transformers. Through an asset purchase agreement, the seller, Huntcole, in exchange for more than $11 million, transferred to the buyer, 4-Way, all property necessary to conduct the refurbishment business.
The asset purchase agreement did not include the building in which the business operated. Id., 2023 WL 4114332, at *1. Instead, Huntcole leased that building to 4-Way through a separate lease. Three years later, 4-Way announced it was moving its business to a different city. It began removing large pieces of commercial equipment it believed it had purchased from Huntcole under the asset purchase agreement. Huntcole sued, arguing that because the equipment was affixed to the building, it had not...
