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

    Pro

    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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