California | Civil Litigation
2/01/07, 9:41 am
Legal Question
loan and colateral
I loaned a friend money and I was
given a musical instrument as
colateral which was equal in valure
to the amount loaned. After losing
contact with the person, I sold the
musical instrument for less money
than the amount of the loan. Now I
am in contact with the person who I
loaned the money again. Can I still
collect the difference in the amount?
(loan was $1000, sold instrument
for $500) Does he still owe me the
$500? The loan was verbal.
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Read More Answered By: Steven Lynes |
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