Lexington, KY asked in Business Formation and Contracts for Kentucky

Q: Business agreement question

I loaned a used car dealer in KY 100k for a 2 yr investment. He is supposed to pay me 40% of the profit he makes with my money every 3 mo. Agreement is a 1-page document that has been signed by both parties and notarized by a public notary. Agreement states that "dealer should give me my 100k back after the contract expires in 3/2020 unless both parties agree to renew the contract". Agreement didn't specify length of time dealer is supposed to pay me back my 100k. Can he procrastinate payment over as long as he wants? What can I do to ensure timely return of my money? Thnx.

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1 Lawyer Answer
Timothy Denison
Timothy Denison
  • Louisville, KY
  • Licensed in Kentucky

A: If you don’t renew in 2020, send him a demand letter for the 100k. If he doesn’t pay, you may have to file suit to collect your loan.

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