Legal Question in Credit and Debt Law in New Jersey
loan
If man in New Jersey,owes a man money who moved to another state,say $2,000. But the man who gave this loan wanted another family member to have this money, Can the family member, go after the money? that is owed?
Asked on 5/06/07, 1:08 am
1 Answer from Attorneys
John Corbett
Corbett Law Firm LLC
Re: loan
A loan such as you describe cannot economically be enforced by a third party unless it is based on a writing that the law recognizes as a "negotiable instrument." That would be an unconditional promise to pay the amount at a certain time or on presentation, signed by the debtor, listing the amount, and payable to "the order of" the lender or to "the bearer." Such an instrument can be negotiated to a third party who may then enforce it.
See also: http://info.corbettlaw.net/lawguru.htm
Answered on 5/06/07, 9:19 am
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