Legal Question in Business Law in Georgia
collect unsecured debt
I loaned my company money by check deposited to the company and owner's accounts and recorded as a loan to the company from me. I have copies of the checks and the deposit slip as well as general ledger of the transactions (2). A contract was discussed but never executed. The relationship has soured. What recourse do I have to collect the debt?
3 Answers from Attorneys
Re: collect unsecured debt
If your claim is under $15,000.00, you can sue in small claims court in the county where the business is located.
Re: collect unsecured debt
You can sue to collect the debt.
Re: collect unsecured debt
You have the right to collect the debt. Of course the best practice is to have an executed agreement, that includes the terms (interest rate, time, etc.) of the loan, however, the absences of such an agreement does NOT result in a forfeiture of your funds. If this is a large sum of money, you should retain counsel, for their maybe some additional complications, specifically your rights as a major creditor of the company. If the company is in Georgia, and the sum is less than $15,000.00, you can bring suit in the magistrate court of the county where the company operates.
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