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Author
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Topic: Instant Legal Advice?
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Mycroft_
rabble-rouser
Babbler # 2230
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posted 06 March 2003 04:11 PM
I lived in a co-op building about 8 years ago. Part of the fee when moving in was a $50 "capital loan" each individual member is required to make to the co-op. The loan is repayable after five years.Being short of money, and in the neighbourhood, I dropped into my former coop recently and asked if I could get the loan refunded. I have been mailed this response: quote:
I have reviewed your claim for refund of your Capital Loan made to (name deleted) Co-op. From my records your loan was made in the 1995/6 year.Capital loans are repayable in 5 years and there is one year in whihc to make your claim. You were eligible to recover your Capital loan from May 1, 2000 to April 30, 2001. Unfortunately, I am not able to comply with your request for refund. Should have (sic) any questions regarding this please feel free to contact me directly.
Say what! Now I don't have a copy of the membership application I signed eight years ago so I don't know if this "only one year to recliam your loan" rule is in there but this is the first I've heard of it and it just sounds wrong to me. Is it legal to have this sort of window for getting a loan repaid after which you forfeit your money? This just sounds like a scam to me.
From: Toronto | Registered: Feb 2002
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Mycroft_
rabble-rouser
Babbler # 2230
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posted 06 March 2003 05:17 PM
Well, they're bastards. As a student coop virtually all their members are gone after four years. Given the five year wait for the loan to be refunded, and given that the coop doesn't send out reminders to former residents telling them that the loan period is up, I suspect very few former residents ever get their money back. I've certainly never heard of a loan being forfeit if you don't collect within a year. Bastards, I say. quote:
You may want to PM Jeff House on the matter.
Poor Jeff. He's a criminal lawyer but we babblers are begining to insist that he act as an expert in all areas of law, contract, international, landlord-tenant whatever. Perhaps we can get rabble to open a "People's Court" forum and make Jeff the presiding judge  [ 06 March 2003: Message edited by: Mycroft ]
From: Toronto | Registered: Feb 2002
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jeff house
rabble-rouser
Babbler # 518
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posted 06 March 2003 07:17 PM
I accept your nomination.On the housing co-op question, I will assume, without seeing the docs, that they have some sort of one year refund rule. I would not accept that as the answer, though. Tell them that you have been told that a claim in "quantum meruit" is not barred by a contractual condition. Tell them also that your lawyer is recommending that you sue on behalf of the class of all persons arbitrarily denied their money. They have no right to arbitrarily enrich themselves. While Josh is right that your argument would carry less weight after 20 years, at this point, it is not reasonable that they just grab the money. "This is not a legal opinion. Check with a lawyer who may examine the documents, etc. etc."
From: toronto | Registered: May 2001
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