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Roger, Attorney
Category: Business Law
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Experience:  BV Rated by Martindale-Hubbell; SuperLawyer rating by Thompson-Reuters
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re loan repayment agreement My brother and I made a verbal

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re: loan repayment agreement

My brother and I made a verbal loan agreement for a large amount of money $10K +. I've trusted him my whole life and he explained how the funds to pay me back were in the pipe line and I trusted him and always. The whole story was a lie and it ruined our relationship and took away a lot of my peace.

In an attempt to mend the relationship he states he'll make amends. But before I start building a relationship I want him to sign a loan agreement so I feel he is being honest.

The loan was over 7 years ago but verbal statue of limitations is only 4 yrs in our state I believe.

Can I just purchase loan/repayment agreement online and modify it as I see fit? I can put original loan date/amount but put in words REAFFIRM or something like that? I'll also make the loan due in like 5 yrs to give him time to build up some assets but also write in the agreement optional payments each month. He's in hard financial times right now but appears to have turned his life around where he wouldn't rob somebody again so I want to give him 2nd chance.
Submitted: 5 years ago.
Category: Business Law
Expert:  Roger replied 5 years ago.

Hi - my name is XXXXX XXXXX I'm a Business litigation attorney here to assist you.


Yes, a promissory note online is fine to use. You can use the date you sign the agreement as the loan date or you can make it a reaffirmation.


I would suggest that you make the loan agreement and date it now as the previous oral agreement is not enforceable at this point anyway.

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