Legal Question in Banking Law in Virginia

Do I need a legal document to loan money to a family member? Or can a written agreement between the two of us be enough?

Asked on 2/22/11, 6:35 pm

1 Answer from Attorneys

Michael E. Hendrickson Attorney & Counsellor at Law

Your own written agreement (promissory note) should suffice as long as

the terms of the loan are clearly spelled out and the document is generally

free of ambiguity. (You should not, however, skip the written agreement

and rely on oral promise(s)---family member or not.)

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Answered on 2/25/11, 8:10 am


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