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In Pennsylvania must a personal loan over $50,000. be in writing

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with signature of recipient even...
In Pennsylvania must a personal loan over $50,000. be in writing with signature of recipient even though lender put "loan" on fron of check--and if violative of statute of Frauds-would ir be non enforceable and considered a gift?
Submitted: 4 years ago.Category: Legal
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5/16/2013
Lawyer: Tina, Lawyer replied 4 years ago
Tina
Tina, Lawyer
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Lawyer: Tina, Lawyer replied 4 years ago
Hello again, John.

The statute of frauds does not typically apply to personal loans. The following section of the PA code refers to the general requirements under the statute of frauds:

§ 2201. Formal requirements; statute of frauds. (a) General rule.--Except as otherwise provided in this section a contract for the sale of goods for the price of $500 or more is not enforceable by way of action or defense unless there is some writing sufficient to indicate that a contract for sale has been made between the parties and signed by the party against whom enforcement is sought or by his authorized agent or broker. A writing is not insufficient because it omits or incorrectly states a term agreed upon but the contract is not enforceable under this subsection beyond the quantity of goods shown in such writing.

Here is a link to this section of the code:

http://law.onecle.com/pennsylvania/commercial-code/02.022.001.000.html

Therefore, the agreement could be enforceable as an oral contract since the statute of frauds does not apply and the notation on the check would typically constitute evidence that the funds were a loan and not a gift.

I hope this helps clarify the situation for you. Please remember to rate my service once you have all the information you need so I will be compensated for my time from the deposit you posted with this website. If you have any other questions, please ask me – I’ll be happy to respond. Thank you!

Tina

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Lawyer: Tina, Lawyer replied 4 years ago
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