Can I keep the deposit

[DAS]

What is the name of your state? SD
I had a flat bed trailer for sale in front of my home. $650.00 A man put a deposit down on it $250.00 by check and asked if I could hold it until he can come up with the rest of the money. I agreed. I cashed the check within days. I knew where he lived but I don't know him. I finally got a call almost a year later he has the money. I told him I sold it. He said he understood that it took him so long but would have appreciated a phone call and would like his money back. I told him it was not my responsibility to call him and that I will not return his money. I don't feel that I need too, its like layaway once the time goes by you lose. I had asked around my neighbors and I get conflicting advice.
Am I right?
D

 

[BL]

What is the name of your state? SD
I had a flat bed trailer for sale in front of my home. $650.00 A man put a deposit down on it $250.00 by check and asked if I could hold it until he can come up with the rest of the money. I agreed. I cashed the check within days. I knew where he lived but I don't know him. I finally got a call almost a year later he has the money. I told him I sold it. He said he understood that it took him so long but would have appreciated a phone call and would like his money back. I told him it was not my responsibility to call him and that I will not return his money. I don't feel that I need too, its like layaway once the time goes by you lose. I had asked around my neighbors and I get conflicting advice.
Am I right?
D

According to you it wasn't a fixed term time .

You took the deposit as a hold .

You didn't hold it .

You also did not state the deposit was non refundable .

You also knew where he lived . When you sold it , you should have took him his deposit .

 

[Buster519]

I don't think I would have cashed the deposit check right away. I would have held onto it for a set time then contact him that the trailer is back up for sale and return the money.

 

[PJ Weber]

I don't think I would have cashed the deposit check right away. I would have held onto it for a set time then contact him that the trailer is back up for sale and return the money.

A little late . . . over four months after the last post !