Legal Question in Civil Litigation in Colorado

contract issues

I was in need of Money so a ''friend of the family offered to loan me $1200. with him taking a handgun as collateral.we agreed that when loan was paid up I would Get the gun back. with zero time constraints .i attempted to pay him but got the run around for 9 mos. He had sold my gun without any notice of either pay or default the loan. would i only be able to sue for the difference between the loan and the price of the gun? the loan was $1200 and the Gun was $1900 please help!


Asked on 4/26/07, 7:01 pm

1 Answer from Attorneys
Philip Rosmarin Rosmarin Law Firm

Re: contract issues

It depends. If what you mean by "the gun was $1900," is that's the amount he sold it for, you'd get $700, if you've kept the loan money, though probably minus the interest on the loan.

If he sold it for more than $1900, you could sue in what's called assumpsit, meaning you would also be entitled to whatever gain your slippery friend made on the deal.

Good luck.

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Answered on 4/26/07, 10:08 pm


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