COA Addresses Family Loans

By Doug Chalgian on July 22, 2021

 

Probate lawyers see this issue all the time.  Family members borrow money from each other, then the ones who made the loans die leaving questions about the terms of repayment.  It becomes dicey because such family loans are often done without all the normal formalities of business transactions.

In this case, there were two obligations at issue: one written and one oral.  When the parties who made the loans were gone, some members of the family wanted the obligations repaid immediately (that is, wanted the obligations deemed “demand notes”), while the borrowers contended that only installment payments were due.

In this published opinion, the COA looks at the law and facts and finds in favor of the borrowers.  In doing so, the COA offers a helpful primer for how these cases can be analyzed.  Click here to read Joni White, Trustee v Joshua J. Russell.

BIG CONGRATS to Dan Hilker and Drummond Black of our firm who represented Appellees (the prevailing parties) in the case.

mm By: Doug Chalgian
Doug Chalgian

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