Legal Question in Credit and Debt Law in New York

Which is the best way to pay back a loan to an individual?

I borrowed $5000 from my ex

girlfriend's mother. It was a verbal

agreement. I'm willing to repay the

loan but she's requesting cash (In

20's specifically) and I was planning

on paying her back with a Cashier's

check. Which is safer for me? Also if

I pay her back in cash, how do I

protect myself and obtain proof of the

debt repayment.


Asked on 12/09/08, 5:36 pm

2 Answers from Attorneys
Michael Markowitz Michael A. Markowitz, PC

Re: Which is the best way to pay back a loan to an individual?

Check is safer because it demonstrates proof of payment.

If you pay in cash, you should have individual sign a receipt that is acknowledged by a notary public.

Mike.

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Answered on 12/09/08, 6:24 pm
Nasir Butt Nasir Law Associates

Re: Which is the best way to pay back a loan to an individual?

Cheque is the best way to discharge liability being proof of payment, but in case cash is paid, obtain acknowledgement in presence of witnesses and noting by Notary Public.

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Answered on 12/09/08, 11:25 pm


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