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Question about a loan agreement

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    • 02/23/2017 at 9:25 AM #28563
      Larry B
      Participant

      I’m lending some money to my wife’s company and I typed up the loan agreement myself. I’m not charging the borrower interest, but I am charging them a Lender’s Fee and also monthly Late Fees, if the borrower defaults.

      Does anyone know if there are rules or laws preventing me from enforcing the terms of the agreement?

    • 02/23/2017 at 9:44 AM #28570
      PorterRockwell
      Participant

      If you are in Utah and want some free legal advice the Utah State Bar has tuesday night bar, you get thirty minutes free with an attorney to discuss whatever.  You do have to call and make an appt.  I believe the Utah.gov website may have some links to those kind of forms that you can use as well?  That’s where I got my rental business forms I think

      • 02/23/2017 at 9:49 AM #28576
        Larry B
        Participant

        Awesome, thanks.

    • 02/23/2017 at 10:03 AM #28578
      PorterRockwell
      Participant

      You are welcome. You need to look out for your interests here and make sure you aren’t unknowingly forfeiting any rights etc. You may want to check out Utahcourts.gov I think they still have their self help page up.

    • 02/23/2017 at 10:41 AM #28594
      leftyjace
      Participant

      Going on the record and saying that I don’t think you should do it.

    • 02/23/2017 at 10:58 AM #28597
      PorterRockwell
      Participant

      that he shouldn’t lend the money? I wouldn’t but it’s not my place to tell him that. At the very least I would consult with an attorney at the free tuesday night bar to make sure my interests are protected.
      I never do business with family or friends.

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