My question involves criminal law for the state of: South Carolina
A year and a half ago I took an investment / loan for my business from a personal acquaintance (a friend of a friend) for $50k. We established an operating agreement granting him 25% of the business and a promissory note for full repayment of the loan plus interest by August of 2017. Over the course of time thus far I have paid $7500 on this debt.
In recent months I felt pressured by the creditor to make final payment of the debt which at the time was still the remaining $50,000 as the $7500 had only covered the accrued interest. So I started seeking other financing options to get the debt paid. I thought that I had secured the necessary funding to get the creditor paid and that the money would be wired into my account and all would be well. So without having the money in my account, and against my better judgement I wrote the check to the creditor and asked that he hold it until I gave him the go ahead.
5 days later the funding fell through after I had already given him the go ahead to deposit the check, and additionally I gave him the go ahead via text message so there is a record of it.
In the time since, I have been stalling and trying very very hard to find funding to get this debt paid so that this can go away. So far I have secured a little under 25k and anticipate on having the remaining 25k by the end of this month.
In the meantime though, the creditor has sent me a certified letter stating that I have 10 days (starting March 1, 2017) to get the debt paid or he intends to prosecute me to the full extent of the law. I know that the full amount due will not be available to me by the end of those 10 days, and by my research it seems like he will then file a form with the Magistrate court and that an arrest warrant will be issued. I do not want it to get to that point, but I fear that the creditor will not allow me any further time even with partial payment.
Here are some other details regarding the check:
So here is what I want to know:
I know I can pay the debt by the end of this month, but I fear I have used up all of the patience of the creditor. I do not think he will reason any further on the matter. Please advise what I should do.
I have been basing my research on Section 34-11-60, Code of Laws of South Carolina.
Here is a link to an explanation of the law.
http://ift.tt/2mpqUon
Thank you for considering this.
A year and a half ago I took an investment / loan for my business from a personal acquaintance (a friend of a friend) for $50k. We established an operating agreement granting him 25% of the business and a promissory note for full repayment of the loan plus interest by August of 2017. Over the course of time thus far I have paid $7500 on this debt.
In recent months I felt pressured by the creditor to make final payment of the debt which at the time was still the remaining $50,000 as the $7500 had only covered the accrued interest. So I started seeking other financing options to get the debt paid. I thought that I had secured the necessary funding to get the creditor paid and that the money would be wired into my account and all would be well. So without having the money in my account, and against my better judgement I wrote the check to the creditor and asked that he hold it until I gave him the go ahead.
5 days later the funding fell through after I had already given him the go ahead to deposit the check, and additionally I gave him the go ahead via text message so there is a record of it.
In the time since, I have been stalling and trying very very hard to find funding to get this debt paid so that this can go away. So far I have secured a little under 25k and anticipate on having the remaining 25k by the end of this month.
In the meantime though, the creditor has sent me a certified letter stating that I have 10 days (starting March 1, 2017) to get the debt paid or he intends to prosecute me to the full extent of the law. I know that the full amount due will not be available to me by the end of those 10 days, and by my research it seems like he will then file a form with the Magistrate court and that an arrest warrant will be issued. I do not want it to get to that point, but I fear that the creditor will not allow me any further time even with partial payment.
Here are some other details regarding the check:
- I wrote the check both in the Creditor's name and to his LLC.
- I did ask him to hold the check for 5 days and did give consent for him to deposit it.
- This check was written for a pre existing debt.
- I do not have a copy of the check and am going to ask my bank for a copy.
So here is what I want to know:
- By my research, when he sent the certified letter requesting payment in full, and by my subsequent non payment within the ten days it proves that I intended to defraud him. Is that correct?
- How long might it take for an arrest warrant to be issued?
- If a warrant is issued and I pay the debt before an arrest is made may I submit that as evidence and have the warrant removed?
- The deadline is March 10th. I have to fly to Seattle for necessary family business on March 15th and am returning on March 19th. Is it possible that I could be arrested coming or going?
I know I can pay the debt by the end of this month, but I fear I have used up all of the patience of the creditor. I do not think he will reason any further on the matter. Please advise what I should do.
I have been basing my research on Section 34-11-60, Code of Laws of South Carolina.
Here is a link to an explanation of the law.
http://ift.tt/2mpqUon
Thank you for considering this.
Fraud: I Wrote a Bad Check I Intend to Pay but Am Being Threatened with Prosecution
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