Loan

[smokeyb]

What is the name of your state? What is the name of your state? California

I loaned a large amount of money to a person.
I wrote up a note stateing that he borrowed this money and he signed and I had it notarized

This was in February 2002 I have received no payment of any kind. This person has now moved out of state I do however have a PO Boxfor him

I have the original carbon copy of the cashier checks as well as his bank statement and my bank statement which match up

How do I get this money back and can I ask for interest on the money borrowed. Important lesson learned Trust No One

 

[I AM ALWAYS LIABLE]

What is the name of your state? What is the name of your state? California

I loaned a large amount of money to a person.
I wrote up a note stateing that he borrowed this money and he signed and I had it notarized

This was in February 2002 I have received no payment of any kind. This person has now moved out of state I do however have a PO Boxfor him

MY RESPONSE: You have 4 years from the exact date of the loan within which to file a lawsuit. You never mentioned the amount, so I can't tell you in which court it should be filed.



I have the original carbon copy of the cashier checks as well as his bank statement and my bank statement which match up

How do I get this money back and can I ask for interest on the money borrowed. Important lesson learned Trust No One.

MY RESPONSE: You sue the person. Service to a P.O. Box is fine. But, good luck in getting him to appear in California for the lawsuit and, good luck collecting your judgment. As far as interest is concerned, you never mentioned any clause of your note that specified "interest". So, assuming that there is no interest clause, you can't collect interest from the date of the loan. However, once you've received a judgment, that judgment earns interest at the rate of 10% per annum from the date of judgment.

You should have taken some collateral in addition to the note; e.g., diamonds, car title, coin or stamp collections, etc., etc., etc.

Never loan more than you're willing to lose.

IAAL

 

[bearflag70]

If you need it, call the post office and ask them the process for disclosing the defendant's real address. I think there is a form you can use if you are a party to a lawsuit.

 

[smokeyb]

CA
The loan was 20,000
No, stupid me did'nt put in anything concerning interest or length of time for payback.
I also didnt mention that the money was for share of equity for home to his now x. For some reason the fact that the money was disbursed to her was not mentioned in the divorce papers. The memo on the cashier check was filled in as to what the money was for.(he filled that in at the bank after he had gotten the carbon.

 

[bearflag70]

$20,000... you would file in superior court.

If there is no payment time set, the court should impose a "reasonable time" unless you also had an oral agreement as to what the payback terms would be.

Also:

Civil Code 3289(b). If a contract entered into after January 1, 1986, does not
stipulate a legal rate of interest, the obligation shall bear interest at a rate of 10 percent per annum after a breach.

 

[I AM ALWAYS LIABLE]

$20,000... you would file in superior court.

MY RESPONSE: That was no help whatsoever. Of course it's "Superior Court", dummy! The problem is, which one! And now that we know the amount, the proper Superior Court is, in this instance, "Limited Jurisdiction". The California Constitution was amended in 1998 to permit unification of the municipal and superior courts in each county into a single superior court upon approval by the judges of both courts (Const. Art. VI, § 5; Ca Govt § 70200 et seq.).

Courts in all California counties are now unified; municipal courts have ceased to exist. For any amount in controversy greater than $25,000.00 shall now be filed in Superior Court "Unlimited Jurisdiction."





If there is no payment time set, the court should impose a "reasonable time" unless you also had an oral agreement as to what the payback terms would be.

MY RESPONSE: Oral agreement? Parole evidence? Oh, please. You need to stop telling people about the law. You also need to look up the "Statute of Frauds."




Also:

Civil Code 3289(b). If a contract entered into after January 1, 1986, does not
stipulate a legal rate of interest, the obligation shall bear interest at a rate of 10 percent per annum after a breach.

MY RESPONSE: Also? What a load of bullcrap. The key phrase here is "after a breach." Since no time element was agreed to in the written loan agreement, then there hasn't been a "breach." The only "interest" our writer is entitled to receive is after judgment - - not before.

Stop playing "lawyer". You don't know what you're talking about.

IAAL

 

[bearflag70]

I withdraw my previous post

 

[I AM ALWAYS LIABLE]

I withdraw my previous post

My response:

Smart move.

IAAL