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 Hendrickson
Law Office Michael E. Hendrickson
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.)
Answered on 2/25/11, 8:10 am
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