More details to this question:
I loaned a friend $1,300 last summer and he has yet to repay anything. Can I sue him and attach the limited partnership he belongs to that is supposed to repay the loan? The agreement was he would repay out of the proceeds from a gas well partnership he has with his father and brother. The family stopped sending him his share last year and are trying to remove him from the paperwork. Our agreement was I would be repaid from the proceeds of that partnership.
1 ANSWER
First, anybody can sue anybody for anything, but whether you have a winning claim may depend on the exact provision of your contract, which are not clear to me. Was your agreement contingent on his receiving funds from the partnership, or was it just that he was supposed to repay you and the partnership proceeds just happened to be the way he expected to fund the repayment? If the first, the ocntingency appears not to have been fulfilled, and you would likely not succeed. If the second, you would appear to have a good claim. Unless your contract expressly provides (which I doubt) that you can attach his assets even before you obtain a judgment, you can't do anything with his limited partnership interest until and unless you win your suit, and get a judgment. After that you may be able to collect from his partnership interest, but that's an intangible asset which, although possible, might be complicated to collect from. For a debt of under $2,000, you would probably collect easier (once you've obtained a judgment) from other assets, like a car, or other income, like salary.
Answered on Aug 05th, 2019 at 3:32 PM