Legal Question in Civil Litigation in Texas

Money lent, collateral is being demanded back

I loaned a friend $205.00 to fix his car. He left some music equipment with me for collateral. Unfortunately there is nothing in writing and it is my word against his that I loaned the money. It is also my word against his that I have his equipment. The money was loaned almost 90 days ago. He has made no effort to repay the money yet is damnding his equipment back.Is there a prescribed time period that must pass before the equipment can be considered legally mine. Or is that even an option. I have told him he can have his equipment when I receive payment in full.


Asked on 11/15/03, 1:11 am

1 Answer from Attorneys
Peter Bradie Bradie, Bradie & Bradie

Re: Money lent, collateral is being demanded back

The equipment becoming yours over time isn't an option without some writing to that effect. But if he wants to press the issue for return of his issue equipment, our you want to press the issue for repayment, your holding his equipment puts you in a better position.

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Answered on 11/15/03, 2:30 pm


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