Am i entitled?

[alchemist]

What is the name of your state? Indiana

I took a check(500$) as a deposit on my car that I was selling and the buyer was to come by 3 days later with a cashiers check for the remainder. The buyer's kid calls and says his dad isn't buying the car anymore (The dad was buying it for his college aged son).

My question is am i entitled to the 500$? The check in the memo section has deposit written on it.

Thanks for the help.
eric

 

[racer72]

What makes you think you should get to keep the $500?

 

[alchemist]

Because I had to tell other buyers that the car was no longer available, the fees to relist my item in the classified, and that the individual just left a deposit and never bothered to call my myself. In the end i had the car an additional 4 months and could only sell it (due to further depreciation) for 10,100 a difference of 400$ (but i don't think thats relevent)

My question is what are the legalities in regards to a deposit?

 

[Skooter95]

I'm not a lawyer, but I say you are entitled to keep that $500.00.
Its the same thing as putting a deposit down for a rental house etc. He put the deposit down to "hold" the car because he wanted to purchase it, so in the meantime you could have sold it to someone else.
You will probably have to take this to small claims court and let a judge decide who gets it if you really want it that bad.
I'm sure he probably put a stop payment on the check and if you didn't have any type of contract drawn up and signed, then more than likely, you won't have anything to argue about unless you take it to court.

 

[alchemist]

I'm sure he put a stop payment on the check, but its been almost a year and i just found the check and it reminded me to ask someone. I believe a stop payment is only good for 6 months so could i cash it and be in the right?

 

[Skooter95]

I don't think checks are good after that point (1 year). I would check with your bank and ask them how long a check is good for but I don't think you will be getting anything out of this due to the length of time now.

 

[djohnson]

If all you have is the check, it is stale dated at this point and not cashable. What was your agreement with the buyer on the deposit? Was it to hold? Why didn't you cash it at the time or request money order? I agree, your only option at this point is to go to small claims court. I think if you would have cashed it then and they had to take you to court you stood a better chance then. I think having to explain why you didn't cash it then (maybe because it was a down payment or something else and you agreed not to) will hurt you. But who knows.

 

[alchemist]

Well i completley forgot about it because it was in the middle of trying to find an internship for my MBA. I was cleaning around the house when i found it and it reminded me.

 

[djohnson]

You can always try to sue. The check is no good anymore. I just don't think it will get you very far at this point.