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Loan from my friend
- Thread starter glenn54
- Start date
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Zigner
Senior Member, Non-Attorney
You are not required to prove anything.
At this time, nobody is required to prove anything.
PayrollHRGuy
Senior Member
And there is a 99.9999999% chance you never will be asked to prove it.
Thank you again.
Apart from that loan, I and my husband had multiple other bank transactions (each less than 1000 dollars), between me and my husband, for which we have no loan agreement or anything and, again, the bank records prove that I paid him back (and in fact, I paid him more than what I took from him). Will these transactions create any problem under the defense : "726.109" : "Defenses, liability, and protection of transferee” “A transfer or obligation is not voidable under s. 726.105(1)(a) against a person who took in good faith and for a reasonably equivalent value or against any subsequent transferee or obligee”
I read a case law which says as follows but i am still confused about my situation: "The mere proof of the transfer of assets by an insolvent debtor or one whose insolvency is imminent, to a creditor in payment of an antecedent debt does not in itself constitute fraud or that the transfer was intended by the debtor to defeat the claims of other creditors. If the purpose of the creditor is to secure his debt and the property transferred is not worth materially more than the debt, the transaction would not generally be considered fraudulent, even though the creditor might know that the debtor is insolvent, that the transfer is of all the debtor's property, that there are other creditors, and that the debtor is actuated by a desire to defraud his creditors and the effect of the debtor's action will be to defeat them. The only restraint upon the creditor in such circumstances is that he must act in good faith, but if he takes the conveyance for the purpose of aiding the debtor in his fraud then such conveyance is void." Nelson v. Cravero Constructors, Inc., 117 So. 2d 764 (Fla. Dist. Ct. App. 1960)
Apart from that loan, I and my husband had multiple other bank transactions (each less than 1000 dollars), between me and my husband, for which we have no loan agreement or anything and, again, the bank records prove that I paid him back (and in fact, I paid him more than what I took from him). Will these transactions create any problem under the defense : "726.109" : "Defenses, liability, and protection of transferee” “A transfer or obligation is not voidable under s. 726.105(1)(a) against a person who took in good faith and for a reasonably equivalent value or against any subsequent transferee or obligee”
I read a case law which says as follows but i am still confused about my situation: "The mere proof of the transfer of assets by an insolvent debtor or one whose insolvency is imminent, to a creditor in payment of an antecedent debt does not in itself constitute fraud or that the transfer was intended by the debtor to defeat the claims of other creditors. If the purpose of the creditor is to secure his debt and the property transferred is not worth materially more than the debt, the transaction would not generally be considered fraudulent, even though the creditor might know that the debtor is insolvent, that the transfer is of all the debtor's property, that there are other creditors, and that the debtor is actuated by a desire to defraud his creditors and the effect of the debtor's action will be to defeat them. The only restraint upon the creditor in such circumstances is that he must act in good faith, but if he takes the conveyance for the purpose of aiding the debtor in his fraud then such conveyance is void." Nelson v. Cravero Constructors, Inc., 117 So. 2d 764 (Fla. Dist. Ct. App. 1960)
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PayrollHRGuy
Senior Member
My wife and I have over our marriage thousands of financial transactions both cash and through banks over our 34 years of marriage and there is a 99.9999% chance none of them will ever be called into question.
Hello, I think you better ask for the help of a professional lawyer. Since a loan for such amount will need to make a special loan agreement. Also in this contract, you can specify the term of the contract and the period of loan repayment. But I would not take a loan for such an amount, especially from a friend. Since money can greatly ruin the relationship between friends, and loans for a large amount can create a lot of debts. I had a similar problem and it was very difficult to solve the problem with debts. So think before you decide to take a loan for such an amount.
ok, thanks
Just Blue
Senior Member
You're welcome. It might help you to get a "feel" for this site by just sitting back and reading the threads for a while before posting advice. Remember...this is a legal site and all advice should be based on state law for the state in question.
LdiJ
Senior Member
Yes, you should stop worrying about that.
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