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Old 02-14-2013, 09:47 AM
 
Location: Sunnyvale, CA
4,888 posts, read 8,906,945 times
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Quote:
Originally Posted by MaryleeII View Post
From what I remember from Business Law, writing something on the memo is not legally binding. Its simply a memo, like a note to yourself. To be legally binding, it must be written on the BACK of the check, below the signature line. By signing, the receipient is acknowledging the terms of the verbage written below. For example, I always write "payment in full for all services rendered to 123 street" so a repair person can't file a lien later.
Excellent piece of advice.
Quote:
Originally Posted by CaptainNJ View Post
take them to judge judy!
Hahah that's the first thing that popped into my head too .... She would definitely get your money back
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Old 02-14-2013, 11:44 AM
 
Location: Beavercreek, OH
2,194 posts, read 3,014,610 times
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Quote:
Originally Posted by LeaveWI View Post
Just wanting to get an idea of what my options are regarding paying back of a personal loan I gave to a supposed friend. I had loaned him $8000 to bail him out of personal financial difficulties-I wrote 'LOAN" on the memo, FWIW. It was to be paid back to me via paypal- as I have sinced moved to australia, at $120 per month until repaid in full. My friend has since passed on unexpectedly, and now the family is saying they are "withholding" $4000 of that money because I "owe" them that, for acts of kindness my friend had done for me. Is this even legal? What options, if any do I have? Would it even be worth it to pursue this from Australia, or am I just basically at their pathetic mercy? Thanks!!!!
Hi LeaveWI--

Unfortunately, no. Writing anything you want in the "memo" section is not enough to stand up in any court. Off the top of my head, you're probably running up against the Statute of Frauds codified in the Uniform Commercial Code (Article 2-201) because anything over $500 needs to be in writing, otherwise it's unenforceable in court.

If I were you, I'd take the $4,000 and never lend a dime again without getting it in writing.

If you had, then you would have a good chance if you lawyered up (creditor's claims) because your attorney's fees would likely be paid out of the estate in addition to your $8,000.

[/not a lawyer licensed to practice in your jurisdiction, call a real damn lawyer]
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