Legal Question in Civil Litigation in New York

Loan for Business

I took out a mortgage on my house to lend my son to buy a business but did not write up any agreements. He has paid the mortgage for the past 3 years from his account but is threatening not to pay it anymore. I have a copy of the wire transfer from my account to his. We have a verbal agreement that he would pay the mortgage payments until its paid off in full. Can I take him to court if he does not pay?


Asked on 4/21/08, 9:37 pm

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

Re: Loan for Business

Yes. An oral contract is generally enforceable. Furthermore, prior payments made by your son ratified the agreement.

Mike.

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Answered on 4/22/08, 1:29 pm


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