Originally Posted by dimsum119
I am trying ot get (A) to get (B) to sign a contract with the amount loaned and payment plans and interest rate. But would it be too late since it was loaned almost a year ago. Would it hold up in court?
doesnt matter when the monies were loaned. if B signs a contract stating that they agree that the money was loaned by A, and that B intends(ed) to pay A back as per the agreement on the contract, its good.
as an aside; my parents were both pretty successful people in rather unsuccessful families... they realized fairly early on that if you're not comfortable with losing money, loaning it probably isnt in your best interest. what i'm getting at is, if you're going to lend money to a "friend" in kind, dont expect to ever see it again.