Legal Question in Family Law in New York

Loan or gift?

My soon to be ex's mother gave him a check for 20,000.00 as a gift while we were married. (This was in 1992) He used that as a part down payment for our home. His mother is now asking me to repay that to her when the home is sold as if if were a loan. The check was made out to him and it was listed as a 'gift'' on our mortgage application. Does she have the right to ask me for that money back after we sell the house? He will get half of the sale of the house. I never signed anything or accepted money from her as a loan. Any information you can give me on this would be very much appreciated.

PS She recently sent me a personally typed promissory note to sign. It says I borrowed money from her and agree to give it back. Ofcourse I didnt sign it, but I think my ex is just wanting to get more than his half of the sale of the house by having me repay her that ''loan'', gift.

Thankyou


Asked on 9/14/08, 5:20 pm

1 Answer from Attorneys
Michael Markowitz Michael A. Markowitz, PC

Re: Loan or gift?

Let us say, for argument sake, that the $20,000 was a loan instead of a gift. Under NY law if the loan is made without writing, it is a demand loan. Therefore, the six year statute of limitations period runs from the date of the loan, or 1992.

Therefore, unless mother-in-law can establish partial payment (starts the limitations period running again), the time to commence a lawsuit expired in 1998.

Mike.

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Answered on 9/14/08, 7:17 pm


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