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?
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
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 11 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.
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.