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I loaned a friend a sum of money over a year. I have a promissory

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I loaned a friend a...
I loaned a friend a sum of money over a year. I have a promissory note signed by him that states he owes me $10,000. I also have an amortization schedule that he prepared. Now he wants to pay in full, but he thinks I did not give him $1500 of the $10,000. He is an attorney and says "Just because the note says that does not mean you have to pay that. Faiure of consideration and unjust enrichment."

Do I have to prove that I withdrew money from my account in the amount of 10,000 in order for him to pay the entire amount back? Or does he have to prove that I only gave him 8,500?
Submitted: 5 years ago.Category: Legal
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4/1/2012
Lawyer: Richard, Attorney replied 5 years ago
Richard
Richard, Attorney
Category: Legal
Satisfied Customers: 55,790
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Good morning. The note itself is a negotiable instrument...thus you need not prove the debt at all...the note speaks for itself. All you have to do is prove he did not pay you back as set forth in the note. You have no obligation to prove you loaned the $10,000 ... the promissory note is all you need.

 

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Customer reply replied 5 years ago

Can you give me exact statute to quote in this instance. His statement to me that "Just because the note says that does not mean you have to pay that. Failure of consideration and unjust enrichment."

 

If he pays me back what he thinks he owes, what would my recourse be? Small claims court? And if I accept a bulk payment from him that is short of the total amount, does that imply that I am in agreement that he has saitisfied the loan?

Lawyer: Richard, Attorney replied 5 years ago
This is all governed by Article 3 of the Uniform Commercial Code. Any claim $10,000 or less can be brought in Texas small claims court. No, he cannot unilaterally impose a settlement upon you.
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