• FreeAdvice has a new Terms of Service and Privacy Policy, effective May 25, 2018.
    By continuing to use this site, you are consenting to our Terms of Service and use of cookies.

verbal agreement is it legal and binding?

Accident - Bankruptcy - Criminal Law / DUI - Business - Consumer - Employment - Family - Immigration - Real Estate - Tax - Traffic - Wills   Please click a topic or scroll down for more.

T

tinh

Guest
Hi please help
I lend money to a person that is president of a public company he said he will use it for the company in return he will give me stocks certificate he promise me it would not go down and now it did the stocks are only worth 3% of what i lend him can i sue. The amount is 100,000.00 dollars and would any attorney take this case for a percentage of the recovery because i have no money left for fees.
thanks
 


HomeGuru

Senior Member
<BLOCKQUOTE><font size="1" face="Verdana, Arial">quote:</font><HR>Originally posted by tinh:
Hi please help
I lend money to a person that is president of a public company he said he will use it for the company in return he will give me stocks certificate he promise me it would not go down and now it did the stocks are only worth 3% of what i lend him can i sue. The amount is 100,000.00 dollars and would any attorney take this case for a percentage of the recovery because i have no money left for fees.
thanks
<HR></BLOCKQUOTE>

I would be illegal for this person to tell you that the stock will not go down especially in a publicly traded company. I hope I did not buy stock in this company.
 

JETX

Senior Member
With all due respect, I find it hard to believe this one!!

You mean that you lent someone $100,000.00 (U.S. DOLLARS) based on a verbal committment that he would give you stock in his company! Now, his stock is worth 3% of the value ($3,000.00)!!!

First, I would forget all about the 'stock' portion of this deal. Based on what you are saying, this would be a violation of several Federal SEC rules and regulations (Disclosure, Guarantee of performance, etc.). And since the courts can't enforce what would be an illegal act, the 'stock' portion of this deal is gone. (and for the better).

Now with that out of the way, your real problem is simple.... you loaned a person $100k, he hasn't paid you back. That is a relatively simple legal matter and a lawyer MIGHT take it on contigency. However, one big concern before taking the course, is does the debtor have sufficient available assets to assure recovery??? If not, no contingency!

------------------
Steve Halket
Judgment Recovery of Houston
[email protected]
-----------------------
This is my PERSONAL OPINION and is not legal advice! Consult your local attorney for your specific situation and laws!
 

Find the Right Lawyer for Your Legal Issue!

Fast, Free, and Confidential
data-ad-format="auto">
Top