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Do I have to pay back a loan that was later considered a…

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do I have to pay...
do I have to pay back a loan that was later considered a gift
Submitted: 2 years ago.Category: Legal
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2/25/2016
Lawyer: Ray, Lawyer replied 2 years ago
Ray
Ray, Lawyer
Category: Legal
Satisfied Customers: 47,664
Experience: 30 years in civil, probate, real estate, elder law
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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.

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Lawyer: Ray, Lawyer replied 2 years 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

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Customer reply replied 2 years ago
the checks state loan in the memo
Customer reply replied 2 years ago
it was originally a loan then verbally agreed to be a gift
Customer reply replied 2 years ago
hello
Customer reply replied 2 years ago
hi
Customer reply replied 2 years ago
well?
Lawyer: Ray, Lawyer replied 2 years 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.

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Customer reply replied 2 years ago
didn't really answer my question
Lawyer: Ray, Lawyer replied 2 years ago

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

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Customer reply replied 2 years ago
can I get a refund?
Lawyer: Ray, Lawyer replied 2 years ago

It meets the legal requirements of a gift.

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Lawyer: Ray, Lawyer replied 2 years ago

Donor intended to gift it to you here.

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Lawyer: Ray, Lawyer replied 2 years ago

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

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Lawyer: Ray, Lawyer replied 2 years ago

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

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Lawyer: Ray, Lawyer replied 2 years ago

Thanks again for the chance to help.

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Customer reply replied 2 years 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
Lawyer: Ray, Lawyer replied 2 years ago

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

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Lawyer: Ray, Lawyer replied 2 years 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.

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Lawyer: Ray, Lawyer replied 2 years ago

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

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Customer reply replied 2 years ago
originally a loan then verbally stated it was a gift
Customer reply replied 2 years ago
can he use the checks' as evidence?
Lawyer: Ray, Lawyer replied 2 years 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.

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Lawyer: Ray, Lawyer replied 2 years ago

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

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Customer reply replied 2 years ago
my word against his
Lawyer: Ray, Lawyer replied 2 years ago

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

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Lawyer: Ray, Lawyer replied 2 years 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.

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Lawyer: Ray, Lawyer replied 2 years ago

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

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Lawyer: Ray, Lawyer replied 2 years ago

Thanks again.

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Customer reply replied 2 years ago
don't wish to resolve
Lawyer: Ray, Lawyer replied 2 years ago

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

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Lawyer: Joycelaw, Attorney replied 2 years ago
Joycelaw
Joycelaw, Attorney
Category: Legal
Satisfied Customers: 118
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Lawyer: Ray, Lawyer replied 2 years ago

Appreciate the chance to chat here.

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