Legal Question in Civil Litigation in Florida

A "friend" loaned me money to expand my business 6 months ago. We had a verbal agreement that I would pay him back in a 5yr period at 5%. I have paid in $25,000 so far. He has since decided to do something else with his money and is demanding it back. He is threaten to sue for his money and is even holding property of mine as ransom, for lack of a better word. What are my rights?


Asked on 9/16/11, 6:52 am

1 Answer from Attorneys
Angelo Marino Angelo Marino Jr. PA

As long as you keep up with the payments on time according to the agreement, I do not believe he can accelerate the payments. You will need to prove up the oral agreement. One way is to have witnesses, another is to demonstrate a regular payment plan.

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Answered on 9/16/11, 10:30 am


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