He died suddenly 6 weeks after I gave him a loan of $8,000 U.S. dollars. He bought a truck, tools, and ? with it. He signed an informal handwritten contract for me, no cosigner, not notoraized. He was expecting a check from compensation any day to repay me. Now his family says I'm getting nothing since the check won't come and since he had no money banked. Can I get the comp money or am I able to retreive the vehicle and tools that I "bought"? How do I pursue this?
Note: I am suffering a great loss of a dear friend.....and I am just able to function enough to start to think about recovering my monetary losses. Any knowledgeable advice is greatlly appreciated! (New York State, USA)
2007-07-05 16:57:05 · 15 answers · asked by maimatt7 3 in Politics & Government ➔ Law & Ethics
"able to function enough to start to think about recovering my monetary losses" wow...you women need to stop w/ all the money and golddigging
2007-07-05 17:05:15 · answer #1 · answered by Anonymous · 0⤊ 3⤋
You should talk with a lawyer and find out what your chances are. You can file against the estate and try to get the vehicle that way but not sure about tools and such, especially if he owed other creditors who may have put in for payment, too (like credit card companies).
First, go to Probate Court in the county where he lived and see if there is a will on file since that is where the family would have had to file. Get a copy of the will if there is one. You can also ask them how to go about filing against the estate and let them advise you what steps to take.
Keep all original paperwork but let the lawyer make copies of what you have and see what they can work out to either get the $8,000 back or make the family at least give you the truck. Good luck
2007-07-06 00:08:28 · answer #2 · answered by KittyKat 6 · 0⤊ 0⤋
Definitely talk to a lawyer. The thing is, we all loan money and don't think about the "what ifs" until it's too late, so even if we have a piece of paper that is something like a "promissory note", it may still be difficult. If you have anything that states he was going to pay you back after a specified amount of time, that would be very helpful. If you have this sort of proof, it may be possible to put a lien or claim of some sort against the estate. It may be even more helpful if you have anything else of his like a signature or letter or something to prove that the note wasn't forged. You may not get all of it back, but something may be better than nothing. I'm sorry for your loss, but I do understand that all have to eat.
2007-07-06 00:10:27 · answer #3 · answered by Joye B 2 · 1⤊ 0⤋
C'mon people, give the lady a break. $8,000 is a substantial amount, and I can see where she would be concerned about the recovery of the loan.
As other have stated, I'd check with an attorney, perhaps even the Attorney General of New York. If you can't seem to get any response from the Executor of the estate, see if you can put a lien on the estate in order to recover your loan.
My deepest sympathies on the loss of your friend.....
Foxfire
2007-07-06 00:11:50 · answer #4 · answered by Foxfire 4 · 1⤊ 1⤋
They will need to settle his estate (even if he owns no land or home). They will have an attorney for it and they will have to publish an Executor's Notice in the newspaper. That is to let anyone who may be owed money by him know the estate will be settled/closed and they should submit any claims to the attorney. You should find out who his attorney is and talk to her. For $8,000 it would be worth hiring or at least consulting with your own atourney. Good luck. And sorry for your loss (on both counts). P.S. Don't feel bad about going after the money he owed you. You have every right to get it.
2007-07-06 00:04:11 · answer #5 · answered by Yinzer from Sixburgh 7 · 2⤊ 0⤋
Get a lawyer. I'm pretty sure they'll have to open Probate to get the truck title changed over, and once they do that, you can file a claim, and object to the Accounting if they don't list items that you know should be included, like the tools. If your contract helps you trace the money to the truck and equipment, you get priority for those items.
2007-07-06 00:05:30 · answer #6 · answered by open4one 7 · 1⤊ 0⤋
You may be able (with the informal note) to petition the estate as a creditor. But, given the fact that he had to borrow money from you to start with, I suspect he has very little of an estate to speak of and once all those ahead of you on the creditor list are paid there will likely be nothing left for you.
Sorry, but you have little real chance to recover the loan.
EDIT:
Susan is uninformed. They will have to settle his estate, but unless it's above a certain amount in value it does not have to be "noticed" in a paper. The estate can be transferred to the Executor without it.
The list of creditors generally runs that funeral and medical expenses are paid first. Creditors like Visa...and you are last on the list.
2007-07-06 00:02:24 · answer #7 · answered by Atavacron 5 · 0⤊ 1⤋
I think if his family has already said that you will get nothing, it looks like you will not be able to settle it out of court. $8,000 is way too much money to be considered a gift. At this point, all you can do is to go to your local superior court of your county and ask there how you can file the case and get a court date. And go from there. I don't think you need a lawyer for this one; there is nothing he can do other than you can already do yourself.
2007-07-06 00:28:48 · answer #8 · answered by OC 7 · 0⤊ 1⤋
I'd check with a lawyer. You should be able to get the money from his estate, which includes the property you helped purchase. Sorry for your loss.
2007-07-06 00:01:42 · answer #9 · answered by Anonymous · 3⤊ 0⤋
You should consult a lawyer. He could file a claim against your friend's estate.
2007-07-13 14:31:40 · answer #10 · answered by Landa M 3 · 0⤊ 0⤋
Just I O U is suffice to proceed as evidence for whatever iti is worth.if you are able to rope in other oral evidence and a good lawyer to prove the debt on circumstantial basis.
2007-07-06 00:15:26 · answer #11 · answered by seshu 4 · 0⤊ 1⤋