Legal Question in Civil Litigation in California

I asked a friend for a loan of $160.00. I gave my carpet binder that cost me $2500.00, to him to hold until I paid back the loan. I told him I could pay him by my next check. I was unable to pay him back then. It took two months before I could pay him back. I went to his house with the money and he told me he sold my carpet binder. He said he is the only one making out in this deal. He sold it for $1200.00. We had no verbal or written contract that stated if the loan wasn't paid back by such and such date, I would forfeit my carpet binder to him. The subject of that was never even talked about. Can I sue him? With him selling m binder for $1200.00 minus the $160.00 I owed him, doesn't he owe me $1040.00? Please help me.


Asked on 5/08/17, 12:30 pm

1 Answer from Attorneys

If you had done this as a proper UCC commercial deal, yes, he would owe you the $1,200.00 minus what you borrowed, plus interest and any incidental expenses in selling it. With no documentation, all you can do is file a small claims case and tell your story to the judge or commissioner and see what they say.

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Answered on 5/08/17, 12:50 pm


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