Contract stating money loan

[studio914]

What is the name of your state (only U.S. law)? Illinois

Last fall I loaned 2 friends money. They were starting a gallery together and so we drafted an agreement and the three of us signed it. I was to be paid back by February 2011. I have not been paid back and the two friends no longer work together. They agreed to split the debt to me, however, one of them now refuses to pay. He is still the owner of the business and LLC but claims that he doesn't have to pay me. I believe he does because even though it was not a notarized contract it is a signed document and he is still the proprietor of the organization. What do I need to do?

 

[justalayman]

did you loan the money to the friends or the LLC?

How much money are we talking about here?


If you loaned the money to the friends (as a unit) they each would generally be severally liable for the debt. That would mean you could go after either one for the entire amount?

If you cannot get the guy to pay, your recourse would be to sue him, obtain a judgment, and attempt to enforce the judgment/

 

[swalsh411]

He mightl claim you made an investment in the business.

 

[davidmcbeth3]

Your doing better than most...you have a contract.

The guy's idea that because it was not notarized that it is non-enforceable will not go to far in court.

He took the money and now because he hates the business and no longer wishes to pay.

 

[Zigner]

Your doing better than most...you have a contract.

The guy's idea that because it was not notarized that it is non-enforceable will not go to far in court.

He took the money and now because he hates the business and no longer wishes to pay.

That was almost a complete thought...

 

[HomeGuru]

That was almost a complete thought...

**A: almost