If I bought a business and the seller gave me a personal loan which I have been paying back on time each month, can he now demand I repay the loan in full?

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If I bought a business and the seller gave me a personal loan which I have been paying back on time each month, can he now demand I repay the loan in full?

Asked on September 4, 2013 under Business Law, Florida

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 8 years ago | Contributor

It depends on the terms of the loan agreement: if there was an agreement between the two of you which would allow him to demand payment in full at this time or under these circumstances, then he may do so. Otherwise, your only obligation is to pay the loan along the originally agreed-to schedule. Note, however, that if you have breached the agreement in some way--for example, failed to make some payments in full when due--then that breach by you may allow the other party to treat the agreement as terminated and demand full payment at this time.


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