[sromo]

I signed for a business loan and withdrew 40,000.00 which I lent to my friend. I gave him a cashiers check and he deposited to his business account. He has been making payments for over two years, even though our verbal agreement was that he was going to pay it off withing 5 months after I had given him this money. I was ok with that because he was making payments and I knew that he was going through some difficult times. A few days ago, I found out that this account is now over 90 days past due and my friend tells me that he is going to pay but the evidence point to a different direction.
My question is, can I still sue him and possible win only with a verbal agreement?
please let me know.
thank you.

[aaron]

Certainly. I assume that there is evidence of the initial payment, and there will certainly be evidence of the two years of repayment to demonstrate that this was in fact a loan which was being repaid. What other explanation would your friend have for the exchanges of money at issue, if he were to contend that there was not a loan?