Legal Question in Credit and Debt Law in Pennsylvania

Personal loan repayment

I had given an employee of mine a personal loan in the amount of $400. his tool box which is in my possesion here at my office is collaterol. He has yet to pay the loan but has made several attempts to ''steal'' his box (ie showing up when i'm not available, and telling employees its his to take) I just was wondering if I am protected, he plans on bringing the police here this evening.


Asked on 8/31/07, 1:02 pm

1 Answer from Attorneys
Greg Artim Law Office of Karen L. Myers, P.C.

Re: Personal loan repayment

Did he agree that it would be used as Collateral? If he didnt specifically agree, you cannot keep it. That will be considered theft, and that can't be worth it for $400. Even if he did agree, without a signed agreement regarding the collateral, you are asking for trouble. Go to your local Magistrate and sue him for the $400.

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Answered on 9/04/07, 11:12 am


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