Legal Question in Civil Litigation in California
Promissory Note-Who is a Liable?
I loaned a sum of money to a friend for his business. He signed a promissory note but failed to pay the money back. He will not return phone calls or email messages but I was able to contact his business partner who acknowledged the loan and stated that any default by my friend would result in the partner becoming fully responsible for the loan. However, since the promissory note does not indicate the nature of the loan nor the business name (only my friend's name was listed as the borrower), can I hold the partner liable? I do have a witness that heard the partner's statements to me regarding responsibility.
Thank you,
Stuart
3 Answers from Attorneys
Re: Promissory Note-Who is a Liable?
I really do not see how the partner could be liable if the loan was only in the name of the individual and not the business.
Re: Promissory Note-Who is a Liable?
The person you loaned it to is liable. So is anyone that allows himself to become a 'partner' to the borrower. If it is too large a sum to sue for in small claims court, then contact me if you need an attorney to help get your money.
Re: Promissory Note-Who is a Liable?
Yes, the partner can be liable. You need to sue the parties and not wait for this matter to get stale.
Joel
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