Loan contract personal in writing without witnesses

[Yuggy]

What is the name of your state?

 

[Yuggy]

An aquintance of mine came to me and asked for a loan, 2500.00.she offered her car as collateral.blue book 5500.00.we searched how to draw up a contract and did so , in the contract it was stated that first was due four months later paying a payment of 750.00 that time has lapsed and now she is saying she's not going to pay.contract states if failure to pay I get car .I have title with lienholder stated .there was no witness when we both signed the contract .will I win if I take this to court?what should I do?

 

[Yuggy]

An aquintance of mine came to me and asked for a loan, 2500.00.she offered her car as collateral.blue book 5500.00.we searched how to draw up a contract and did so , in the contract it was stated that firstpayment was due four months later paying a payment of 750.00 that time has lapsed and now she is saying she's not going to pay.contract states if failure to pay I get car .I have title with lienholder stated .there was no witness when we both signed the contract .will I win if I take this to court?what should I do?

 

[PayrollHRGuy]

What state are you in?

 

[adjusterjack]

An aquintance of mine came to me and asked for a loan, 2500.00.she offered her car as collateral.blue book 5500.00.we searched how to draw up a contract and did so , in the contract it was stated that firstpayment was due four months later paying a payment of 750.00 that time has lapsed and now she is saying she's not going to pay.contract states if failure to pay I get car .I have title with lienholder stated .there was no witness when we both signed the contract .will I win if I take this to court?what should I do?

The contract didn't need to be witnessed to be enforceable.

However, before you can "take" the car you'll need to study your state's repossession laws to make sure you get it right.

 

[Yuggy]

What state are you in?

North Dakota

 

[HRZ]

Read the repo rules for ND ..you follow same ..you may be able to make a peaceful recovery of the property with no additional steps ..but key is follow the rules

 

[quincy]

North Dakota

A link to the laws on secured transactions: http://www.legis.nd.gov/cencode/t41c09.html

 

[HighwayMan]

In the future it may be wise to not lend anyone, especially an "acquaintance", money. That's what banks are for.

Hopefully, if and when you are able to repossess this vehicle, it is truly worth what you think it is.

 

[Litigator22]

An aquintance of mine came to me and asked for a loan, 2500.00.she offered her car as collateral.blue book 5500.00.we searched how to draw up a contract and did so , in the contract it was stated that firstpayment was due four months later paying a payment of 750.00 that time has lapsed and now she is saying she's not going to pay.contract states if failure to pay I get car .I have title with lienholder stated .there was no witness when we both signed the contract .will I win if I take this to court?what should I do?

 

[Litigator22]

Are you really asserting here that after researching "how to draw up a contract" that one was prepared and signed stipulating that in the event of default title to the car becomes automatically vested in you? If so, it seems most inconsistent with your statement that she "offered the car as collateral"; (that is, the vehicle was to be pledged to secure the loan), nor the presence of your name on the title as 'lien holder".

I suppose that such would be permissible inasmuch as the debtor in a security agreement can following a default agree to divest themselves of ownership in the collateral in exchange for full or partial satisfaction of the obligation (See: N.D. UCC Section 41-09), but I suspect that what you have instead is an agreement granting you a security interest in the car with your rights in the event of default governed by North Dakota's Uniform Commercial Code.

If you agree that your position is not that of an owner of the vehicle because of the default, but rather that of a secured party having a security interest in the car and wish to know your rights under the UCC, then ask.

 

[quincy]

I think the contract needs to be personally reviewed by an attorney in North Dakota before any thoughts of "repossessing" the vehicle.