I loaned a loved one $150,000 ten years ago. No interest, pay me back in full in 10 years type of deal. They now say they can't do that and it will take a lot more time b/c they lost most of their $ in the stock market during the crash. They say their stocks plummeted, they needed the money, and had to cash out when the stock value was terrible. I want to believe them but they have lied to me before. Now I have to make the difficult decision to be flexible or to sue them as they have major equity in their home. I am ONLY willing to not sue if I can prove that their story is true, but I know nothing about stocks. What do I ask for - stock statements showing the decrease in value? Tax returns from those years showing the CAPITAL LOSS??? Any help would be greatly appreciated. thanks
You can ask for whatever documents you want. They can also refuse as they have refused to repay your generous loan. Unless you have filed suit and are requesting documents pursuant to discovery, you have no authority to compel production of materials.
THE INFORMATION CONTAINED IN THIS POSTING IS FOR GENERAL INFORMATION PURPOSES ONLY AND DOES NOT CONSTITUTE LEGAL ADVICE. THE FURNISHING OF THIS INFORMATION DOES NOT CREATE AN ATTORNEY CLIENT RELATIONSHIP. AN ATTORNEY CLIENT RELATIONSHIP REQUIRES THE FURNISHING, REVIEW, AND SIGNING OF A RETAINER AGREEMENT.
Schedule D to the tax returns would help. You want to see year-end tax statements from the brokerage firm where the investments were held. If possible, you would want to see trade confirmations of when the trades were put on (purchased) and from when they were sold. If the relative does not want to provide them, you will be able to get them in discovery most likely after a lawsuit is filed.
Years licensed, work experience, educationLegal community recognition
Peer endorsements, associations, awardsLegal thought leadership
Publications, speaking engagementsDiscipline