Legal Question in Business Law in Georgia

How do i receive repayment for a personal loan made to a business. i made a personal loan for $100,000 written in two checks to a business . the check was written to my father for my mothers business(travel and transportation). i made the loan with the promise of being repaid +10% annual for non repayment. i haven't been repaid anything. the loan was verbal + my written checks for the $100,000. i made the loans august 27, 2007. in the state of ga.. i had the intention of at least a 4 year statute of limitations for the loan or more. my father says when i inquire about repayment that ill be repaid my money. the business i loaned the money to is doing poorly. if the company sells equipment or receives a loan then they say they re pay. the company has fortune 500 lawyers with past association with a bankruptcy judge. who do i see and what do i do in this case.


Asked on 9/10/10, 3:14 pm

3 Answers from Attorneys
Glen Ashman Ashman Law Office also dba Glen Ashman Attorney

You say you loaned $100,000 with no paperwork?

How do you plan to prove what the interest rate is with no documents, or the due date, or the size of each payment?

How do you prove it wasn't a gift?

What is your basis for even saying any money is due now?

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Answered on 9/15/10, 3:18 pm
Scott Riddle Law Office of Scott B. Riddle, LLC

A $100,000 issue is not something to leave to an Internet message board. You need a lawyer.

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Answered on 9/15/10, 3:49 pm
Byron Sanford Briskin, Cross & Sanford, LLC

It is certainly possible for you to recover these monies from your parents' business, but, as others have pointed out, in the absence of documentation of the parties' intent at the time of the transfer of funds, there are significant issues that you may face in doing so.

An experienced business attorney can address these issues with you, inform you of the best strategies available to you for attempting to recover these moneys, and can assist you in implementing those strategies.

DISCLAIMER: Please note that this response is not intended to and shall not create an attorney-client relationship with Briskin, Cross & Sanford, LLC or Byron M. G. Sanford, Esq. and are not intended to address the particular situation or circumstances identified int he question to which this response is offered. This response is not intended to serve as legal advice or counsel and is offered solely for educational purposes. Also note that I am licensed to practice law only in the state of Georgia. The information contained in this post is not intended to address any issues which may arise under the state or federal laws applicable to any state other than the state of Georgia.

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Answered on 9/15/10, 7:13 pm


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