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I made a personal loan in the amount of 400 to an
Sent to Legal Experts August 31 01:38 PM

I made a personal loan in the amount of 400 to an employee with collaterial being his tool box he has yet to pay me and is trying to take his tool box... what are my rights?

 

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lancaster, Pennsylvania

Customer (name blocked for privacy)
Answer
August 31 1:55 PM (16 minutes and 55 seconds later)
         
ACCEPTEDCheck Mark
Do you have a written agreement or was this an oral agreement? If he refuses to pay the money back then you have the right to keep the tool box as per your agreement. You can give him a certain number of days to pay the money and have him sign the agreement (if this was not done previously) or he forfeits his rights to the toolbox and you can sell the items to recover your money. He can not take the tool box from you if you have a written agreement, but if it was an oral agreement he could report the toolbox as stolen. If you do not have a written agreement then I suggest getting one as soon as possible to cover yourself. To read more on contract law, go HERE.


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