- Jurisdiction
- Ohio
Hello,
I have the above from a partner 13 years ago. I was the bank for a house flipping project. I was out of town when the finished house was sold. My partner took ALL the sale money and paid off all his credit cards. When I showed up he "said" all his credit card credit was yanked, and he couldn't pay me back. I was furious. And I told him to do something or I would. So he made a Promissory note to pay off what he owed me at a paltry amount of $900/ month at 8% interest. The note to be paid off from the proceeds of his home when he ever sold it. I was furious and he insisted that he was a turnip with huge debt on his house. And that is the way it's been for 13 years. Nobody signed the dang thing and we both held our breath. Me getting $900/mth to keep me from filing criminal charges. I threatened embezzlement and everything to put the fear of God into him and his whole family.
Now after 13 years he still owes a ton of cash on the note. And his house value has more than tripled. I accidentally found out his house is "pending" for sale. I confronted him and he claims he owes me nothing and he threw the note away long ago because it was unsigned. I have my copy and the terms and tie to his sale home are crystal clear. He said so what. I didn't tell him any more other than to say he's a crook and I believe he scammed me on the first house sale, and I would be doing something about this house sale. Then he stopped and said if I messed up the sale then nobody wins. He said he might be willing to throw me a bone if I back off. I walked away.
I called the country recorder and they said they don't record Promissory notes. And especially those not notarized. I have 13 years of monthly envelopes with dates and $900 written on them. Proof his handwriting was making monthly payments of cash. He obviously has bank records that could also back up the payments. Additionally, I am named on a life insurance policy that I made him get to pay me my money in the event he dropped dead. So I think I have plenty of proof that this note is not fictitious.
I know that Oral agreements are enforceable. This is more. But there is that turnip factor. If he gets all the sale cash in his hands, it is likely to vanish somewhere real quick. So, what can be done other than busting the sale, can I do to keep from getting ripped off twice?
Thank you.
I have the above from a partner 13 years ago. I was the bank for a house flipping project. I was out of town when the finished house was sold. My partner took ALL the sale money and paid off all his credit cards. When I showed up he "said" all his credit card credit was yanked, and he couldn't pay me back. I was furious. And I told him to do something or I would. So he made a Promissory note to pay off what he owed me at a paltry amount of $900/ month at 8% interest. The note to be paid off from the proceeds of his home when he ever sold it. I was furious and he insisted that he was a turnip with huge debt on his house. And that is the way it's been for 13 years. Nobody signed the dang thing and we both held our breath. Me getting $900/mth to keep me from filing criminal charges. I threatened embezzlement and everything to put the fear of God into him and his whole family.
Now after 13 years he still owes a ton of cash on the note. And his house value has more than tripled. I accidentally found out his house is "pending" for sale. I confronted him and he claims he owes me nothing and he threw the note away long ago because it was unsigned. I have my copy and the terms and tie to his sale home are crystal clear. He said so what. I didn't tell him any more other than to say he's a crook and I believe he scammed me on the first house sale, and I would be doing something about this house sale. Then he stopped and said if I messed up the sale then nobody wins. He said he might be willing to throw me a bone if I back off. I walked away.
I called the country recorder and they said they don't record Promissory notes. And especially those not notarized. I have 13 years of monthly envelopes with dates and $900 written on them. Proof his handwriting was making monthly payments of cash. He obviously has bank records that could also back up the payments. Additionally, I am named on a life insurance policy that I made him get to pay me my money in the event he dropped dead. So I think I have plenty of proof that this note is not fictitious.
I know that Oral agreements are enforceable. This is more. But there is that turnip factor. If he gets all the sale cash in his hands, it is likely to vanish somewhere real quick. So, what can be done other than busting the sale, can I do to keep from getting ripped off twice?
Thank you.