Can i file a lien agaist a business that I lent 100k and it was a verbal loan but they have been making payment to me for 4 yrs

Asked over 4 years ago - Tacoma, WA

They are going out of business and they have a 75k loan with a bank and the bank is calling their loan and are going to seize the assets of the company. They have a contract and i don't. I just have a verbal but i can show where this company deposited my 100k 4tys ago and have been making me monthly interest only payments for for yrs. How can i lien them and be in !st position for their assets since my loan has been with the company 1st.?

Attorney answers (1)

  1. Mark Randall Arend


    Contributor Level 13

    Answered . You need the assistance of a good attorney.

    Because your loan wasn't in writing, you may not be able to sue for performance for a couple of reasons. Most importantly, the statute of limitations on oral agreements is usually three years. You're beyond that by a year. The payment stream, however, may afford you some additional options since it would appear to ratify the loan, and extend performance to a more recent date.

    You need to act quickly if you have any hope of recovery. Good luck.

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