What if a lender backs out of a promissory note, can he/she be in trouble by law?
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What if a lender backs out of a promissory note, can he/she be in trouble by law?
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Myself and a friend agreed that I would lend him a healthy amount of money and we both signed a promissory note. Well, the amount was so big that I didn't trust that my friend would pay this back, so I am renigging on my part of the agreement. Also, I wrote the check and signed it and he cashed it. But before he could cash it, I called my bank and did a stop payment on the check, which means that he will have NSF fees in his account. However, I have offer to pay for the fees that accumulated from the bank, but I will not loan him the large amount that I originally agreed upon. Can I be punished by law for doing this, or can he take me to court?
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laughter_every_day
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Assuming you had an enforceable contract, he can sue for his damages. The damages would include any NSF fees and the cost of borrowing the money from another lender. If the only other source of a loan is a high-interest place, then you will ultimately be ordered to pay the interest that he had to pay to borrow the money. BTW, if the check cleared before you stopped payment, your efforts to stop payment will not work. |
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