How can I get money back from my partner?

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How can I get money back from my partner?

I wanted to start a business with my partner and we have drafted an agreement which was never signed, just verbally agreed on. Under the agreement I had to transfer 100k to my partner’s account as a starting capital for our business. We never followed through with the business and now I want to get my money back. What steps should I take to make sure I get my money back as soon as possible and without getting into trouble?

Asked on March 16, 2016 under Business Law, Texas

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 5 years ago | Contributor

You sue him--that's the only way to get back your money if he won't return it. You would sue him on several different grounds, such as--
* breach of contract--violating the oral agreement;
* conversion, which is basically theft--keeping your money which was entrusted to him
* unjust enrichment--it is wrong to let him keep your money without you getting anything
Act quickly, before the money disappears (if it hasn't already)--you can only get the money back if it's there or the erstwhile partner otherwise has the money to repay you. For this amount of money at stake, you are strongly encouraged to retain an attorney to help you.


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