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Legalinfomd
Legalinfomd, Attorney
Category: Business Law
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Experience:  Attorney with 24 years of experience in business law.
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i loaned a young man 4000.00 dollars to buy a car 3 months

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i loaned a young man 4000.00 dollars to buy a car 3 months ago.i gave him a check with the memo- loan- written in the corner of the check.he verbally agreed to pay the loan back by working on my farm at 15 dollars per hour.he showed up once and worked 20 minutes and i have not seen him since.one other thing tht may be pertinent is i left the line on the check-Pay TO-blank and he filled it in with the name of the car dealer and the hand writing on the check is obviously different on this line. what should do?
Submitted: 1 year ago.
Category: Business Law
Expert:  Legalinfomd replied 1 year ago.

Legalinfomd : Hello. I will answer your question.
Legalinfomd : The verbal agreement you made with the person, as verified by the "loan" notation on the check, is sufficient to have formed a binding obligation for him to pay back the money. The money will not be treated as a gift.
Legalinfomd : You should send the person a letter informing him that you are demanding repayment of the loan, and that if he fails to pay within 10 days, you reserve the right to pursue available remedies.
Legalinfomd : If he fails to pay, or at least agree to terms you are satisfied with (such as resuming work on your farm, you may file suit and obtain a judgment.
Legalinfomd : The problem is that it sounds as if he did not agree to pay you interest or collection costs if he failed to pay.. As a result, there is little incentive for him to repay the loan sooner rather than later.
Legalinfomd : The fact that the check was paid to a third party is irrelevant. Loan proceeds were disbursed for his benefit. It is the same as when one borrows money to buy a house. The bank pays the money to the seller, but the borrower is liable for repayment of the debt.
Legalinfomd : I hope this information is helpful. Please be sure to leave a positive rating for my response so that I will be credited for my time.Thank you and good luck with your matter.
Customer:

how about the car that was purchased with my check?do i have any recoursethere?

Legalinfomd : Unfortunately you do not. You would have had to get the person to sign a security agreement, and filed a security interest lien with the motor vehicle administration at the time of titling.
Legalinfomd, Attorney
Category: Business Law
Satisfied Customers: 150
Experience: Attorney with 24 years of experience in business law.
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