Sign In
Events
Newsletters
Search

Close

Close Search

Cancel

SEARCH
MY LAW.COMNEW

Thomas v. Chance

The trial court erred in finding that a lack of interest rate and maturity date was fatal to the plaintiff's claim for repayment of money she loaned to her brother pursuant to a verbal loan agreement.

X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

Freida Thomas appeals from the trial court’s grant of summary judgment to her brother, Donald Chance, on her complaint for repayment of loans totaling $132,700. In her appeal, Thomas asserts that the trial court erred by granting summary judgment in favor of Chance. For the reasons explained below, we agree and reverse.

“We review the grant or denial of a motion for summary judgment de novo, and we must view the evidence, and all reasonable inferences drawn therefrom, in the light most favorable to the nonmovant.” Citation and punctuation omitted. Woodcraft by MacDonald, Inc. v. Ga. Cas. & Sur. Co., 293 Ga. 9, 10 743 SE2d 373 2013. So viewed, the record shows that Thomas was the president and 90 owner of Formaboard, Inc., which employed her three siblings: Donald Chance, Andy Chance, and Joan Hayes. In June of 1998, Formaboard, Inc. was sold in a stock purchase agreement for a confidential amount, and its operations were later moved from Georgia to South Carolina. Shortly before the sale of the business in 1998, Thomas met with her siblings, told them she had decided to sell the business, and offered to lend them money “to help each of them with their financial needs during the transition.” According to Thomas’ interrogatory responses, she “further stated that if and when her own financial need arose, she would give them notice to repay the loans.” In her deposition, she admitted that she did not recall whether Donald Chance expressly stated that he would repay the loans, explaining “there was no disagreement.”

Trending Stories

 
Reprints & Licensing
Mentioned in a Law.com story?

License our industry-leading legal content to extend your thought leadership and build your brand.

LEARN MORE

More From ALM

Premium Subscription
With this subscription you will receive unlimited access to high quality, online, on-demand premium content from well-respected faculty in the legal industry. This is perfect for attorneys licensed in multiple jurisdictions or for attorneys that have fulfilled their CLE requirement but need to access resourceful information for their practice areas.
View Now
Team Accounts
Our Team Account subscription service is for legal teams of four or more attorneys. Each attorney is granted unlimited access to high quality, on-demand premium content from well-respected faculty in the legal industry along with administrative access to easily manage CLE for the entire team.
View Now
Bundle Subscriptions
Gain access to some of the most knowledgeable and experienced attorneys with our 2 bundle options! Our Compliance bundles are curated by CLE Counselors and include current legal topics and challenges within the industry. Our second option allows you to build your bundle and strategically select the content that pertains to your needs. Both options are priced the same.
View Now
Go to CLE Center
New York Legal Awards 2024
September 05, 2024
New York, NY

The New York Law Journal honors attorneys and judges who have made a remarkable difference in the legal profession in New York.


Learn More
African Legal Awards 2024
September 06, 2024
Johannesburg

The African Legal Awards recognise exceptional achievement within Africa s legal community during a period of rapid change.


Learn More
Consulting Best Firms to Work For 2024
September 12, 2024
New York, NY

Consulting Magazine identifies the best firms to work for in the consulting profession.


Learn More
Go to Events Go to Webcasts
Marketing Coordinator / Business Development

JOB DESCRIPTION SUMMARY Pulsar Title Insurance Company Inc., a commercial and residential title insurance underwriter based in the Bato...


Apply Now ›
Juvenile Dependency Attorney II/III/IV

RECRUITMENT BONUS Newly hired employees from this recruitment may be eligible to receive bonus payments up to $3,000!* FLEXIBLE SCHEDULE: ...


Apply Now ›
Litigation Counsel - Multiple Offices

Morristown, NJ; New York, NY Description: Fox Rothschild has an opening in multiple offices for a Counsel in our Litigation Department. The ...


Apply Now ›
Go to Lawjobs
Lawyers of Distinction
06/27/2024
The American Lawyer

Professional Announcement


View Announcement ›
SMGQ Law
06/21/2024
Daily Business Review

Full Page Announcement


View Announcement ›
Go to Professional Announcements