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TexLaw
TexLaw, Attorney
Category: Legal
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Experience:  Lead trial/International commercial attorney licensed 11 yrs
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I borrow $2800.00 against a coin collection August 2012, I

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I borrow $2800.00 against a coin collection August 2012, I informed the lender, who runs a business in buying and selling antiques. They did not inform me that there was a time limit, nor did I sign any papers. The loan was made supposedly from friendship. I recently returned to retrieve my collection and the person said they sold it off.Can I take them to court, they say they are not pawn brokers.
Hi,

Thanks for your question.

What was your understanding of when you had to pay the money back?
Customer: replied 3 years ago.

The money was to be returned as soon as I was able to pay.

Thank you for your response.

Because there was no written agreement, it is arguable that they definitely had no right to sell the collection without at least demanding payment first.

I think you do have a case against them. The question will be how much the collection was actually worth. What do you estimate?
Customer: replied 3 years ago.

Approximately $5000.00 they were silver eagles, both silver uncirculated, proof and buillon

Thanks for your response.

This would be a good claim for small claims court, as it is under the $10,000.00 limit. You would claim that this was a breach of contract and negligent misrepresentation which cost you at least the difference between what you owed back on the loan and what the coins were worth.

You would likely need to hire an appraiser to provide you with a report regarding what the coins were worth in order to establish your claim.

Please let me know if you have any further questions. Please also kindly consider rating my answer positively so that I am compensated by the website for my work on your question. Rating positively does not cause an additional charge and does not prevent us from further discussing your questions.

Best Regards,
ZDN
Customer: replied 3 years ago.

thank you

Glad to be of service.
TexLaw and other Legal Specialists are ready to help you
Hi,

I'd like to follow up with you regarding your potential small claims case against the antiques dealer who wrongfully sold your coin collection.

Is there any other information you need that I can help you with?

Thanks,
ZDN

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