What are my rights to repay a lapsed loan?

Get Legal Help Today

 Secured with SHA-256 Encryption

What are my rights to repay a lapsed loan?

My mother and stepfather loaned me $20,000, then my mother passed away. When the money was due to be repaid we offered it back and my stepfather told us to hang on to it, I received no other inheritance. Now 16 months later he is demanding the money back. The only document I have is one he made up when they loaned us the money which lapsed 16 months ago. What are my rights, do I have to repay him?

Asked on December 17, 2011 under Bankruptcy Law, California

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 10 years ago | Contributor

The best way to try and resolve the situation you are writing about concerning the loan of $20,000 is to carefully read the document as to your obligation to repay it and under what terms and conditions.

After doing so, have a meeting with your stepfather about the situation and how you seemingly disclaimed any inheritance that you may have been entitled to upon your mother's death in lieu of receiving the $20,000 and see what his response is. If he still wants the $20,000 repaid, I would repay it to him and realize that your relationship is not what you thought it was and be wary of him in the future.


IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

Get Legal Help Today

Find the right lawyer for your legal issue.

 Secured with SHA-256 Encryption