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Ray
Ray, Lawyer
Category: Legal
Satisfied Customers: 37029
Experience:  30 years in civil, probate, real estate, elder law
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Do I have to pay back a loan that was later considered a

Customer Question

do I have to pay back a loan that was later considered a gift
Submitted: 9 months ago.
Category: Legal
Expert:  Ray replied 9 months ago.

Hi and welcome to JA. Ray here to help you tonight.

No an intervivos gift, one made to you during life is not required to be paid.It is given freely and totally with no expectation fo repayment.

A gift is a voluntary irrevocable transfer of property from one person to another without consideration. The giver of the gift is the donor, while the receiver is the donee. In addition to being irrevocable, there are three additional elements that a gift must meet in order to be valid:

It is not considered a loan and no repayment obligation exists.It is your money free and clear here.

I appreciate the chance to help you tonight.Please let me know if you have more follow up.Thanks again.

Expert:  Ray replied 9 months ago.

Reference

The law of gifts was set forth in the classic case of Gruenv. Gruen, 68 N.Y.2d 48, 505 N.Y.S.2d 849, 496N.E.2d 869 (1986), a case concerning the gifting of apainting by Gustav Klimt, the Austrian modernist.

The Courtreiterated in Gruen that the elementsof a valid inter vivos gift are intent on the part of the donor to make apresent transfer, actual or constructive delivery to the donee, and acceptanceby the donee (68 N.Y.2d at 53

- See more at: http://www.lexisnexis.com/legalnewsroom/estate-elder/b/estate-elder-blog/archive/2010/06/10/the-law-of-gifts-revisited.aspx#sthash.kzl2zl4G.dpuf

Customer: replied 9 months ago.
the checks state loan in the memo
Customer: replied 9 months ago.
it was originally a loan then verbally agreed to be a gift
Customer: replied 9 months ago.
hello
Customer: replied 9 months ago.
hi
Customer: replied 9 months ago.
well?
Expert:  Ray replied 9 months ago.

Well you can argue it was intervivos gift and you aren't going to repay here.You argue there was a gifting here later on.

Customer: replied 9 months ago.
didn't really answer my question
Expert:  Ray replied 9 months ago.

The person here who gifted would have to prove otherwise.Three was an intent to gift it here as you state.

Customer: replied 9 months ago.
can I get a refund?
Expert:  Ray replied 9 months ago.

It meets the legal requirements of a gift.

Expert:  Ray replied 9 months ago.

Donor intended to gift it to you here.

Expert:  Ray replied 9 months ago.

I don't see the other party can p[rove this was anything but a gift.They told you it was.

Expert:  Ray replied 9 months ago.

Remember the other party has he burden to sue and prove it wasn't a gift.You have evidence that it was.

Expert:  Ray replied 9 months ago.

Thanks again for the chance to help.

Customer: replied 9 months ago.
no was a loan given by checks that state loan in the memo on the checks however later verbally agreed to be a gift
Expert:  Ray replied 9 months ago.

Thats is some credible evidence they intended to gift it, the conversation is evidence.

Expert:  Ray replied 9 months ago.

You would be able to testify they told you they would make it a gift.At that point it meets the requirements for an intervivos gift set out above.

Expert:  Ray replied 9 months ago.

It can be a loan a but change here to a gift when the donor tells you it is a gift here.

Customer: replied 9 months ago.
originally a loan then verbally stated it was a gift
Customer: replied 9 months ago.
can he use the checks' as evidence?
Expert:  Ray replied 9 months ago.

Again when donor stated it was a gift here it became a gift event though checks state it was a loan.It changed here when donor intent changes.

Expert:  Ray replied 9 months ago.

And you would have to testify the intent here changed.Best you can do if it was oral.

Customer: replied 9 months ago.
my word against his
Expert:  Ray replied 9 months ago.

Yes unless you have other witnesses--but they may not be able to prove otherwise here.

Expert:  Ray replied 9 months ago.

And it is possible you could offer to resolve it for lesser amount here since it is disputed.Thats another option to make an offer here.

Expert:  Ray replied 9 months ago.

I can do extended chat, not yet set up for calls.Will send offer to extend chat , answer any follow up you have.

Expert:  Ray replied 9 months ago.

Thanks again.

Customer: replied 9 months ago.
don't wish to resolve
Expert:  Ray replied 9 months ago.

Then you can dispute it here with your testimony , thats credible evidence too here to contest.

Expert:  Ray replied 9 months ago.

Appreciate the chance to chat here.

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