Hi! My name is XXXXX XXXXX I'll be the attorney assisting you.
First, if there is a written contract
evidencing the loan - then you have till the expiration of the statute of limitations to file suit.
In Oregon - the statute of limitations is 6 years. The statute of limitations starts running when they miss a payment they should have made.
What I am concerned about - if a violation of the usury law.
Each state has its own regulations on the maximum interest rate that can be charged for a loan. The maximum interest is also commonly referred to as the "usury limit". When you build your loan you should make sure that you check the usury rate for the state in which the loan is being made. If your loan's interest rate exceeds a state's usury limit it could impact the legality of your loan.
Interest Rate Limit Maximum legal interest rate on loans less than $50,000 is the greater of:
5% above the FR Discount Rate at the time the loan is made
Exceptions There is no interest rate limit if:
The loan is secured by real property
The loan is from a tax qualified retirement plan to a person then a participant under the plan
That interest and penalty provision is clearly beyond Oregon's usury law limits.
That being the case - that makes the agreement viod but you are entitled to your money back certainly.
Partner, who signed on behalf of company keeps saying then sue me...he says I can't sue company even though he signed as company representative (president) there are 2 other share holders besides myself. How can I get repaid?
You can most certainly sue the company - he had either the authority to sign on behalf of the company or apparent authority to sign on behalf of the company.
Either way - the company owes you the monies.
So you file suit and then execute against the company's assets to get your money.
Can I threaten to stop all buisness till repayment is made? No.
I also hold building lease, and liquor license (shared). Any help would be great, I don't even know what type of layer to use..
The type of attorney you should seek is a general commercial litigation attorney - they specialize in debt collection
Since you are also a co-owner and a creditor - you could be liable for tortuous interference with business
relations if you take any steps like being the landlord or giving them problem with the liquor license.
Your only option is to file suit, get an award, then execute against the company's assets and bank accounts.