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#21
11-01-2005, 11:10 PM
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Re: Collecting on a stake gone bad
[ QUOTE ]
It was, in essence, lent- to be paid back with $Y return. [/ QUOTE ] What interest were you charging him? Before ya go getting the courts on his ass, you might want to look up the term "usury" and make sure YOU'RE not the one with potential legal consequences... 
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#22
11-02-2005, 12:12 AM
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Re: Collecting on a stake gone bad
Your current contract may not be legal, however should you succesfuly sue in small claims court you would have a collectable debt. This debt can be collected legally and will last for 10 year's. It is a long process but if it is unlikely that the debtor will show up for court you will win by default. Ten years is what it is in Minnesota anyway and it costs $55.00 which is not that much to convert the debt to a legal one if your succesful.
FWIW
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#24
11-02-2005, 02:11 AM
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Re: Collecting on a stake gone bad
[ QUOTE ]
[ QUOTE ] [ QUOTE ] I'm actually confused by what you mean when you say "stake." Usually when someone stakes a player and they lose, they owe nothing, and you're just collecting if they win. Did you just "lend" him the money, and want it paid back? [/ QUOTE ] It was, in essence, lent- to be paid back with $Y return. All of which was made clear in the contract [/ QUOTE ] Was the $Y return determined by the stakee's results in gambling, or was it just a static number? [/ QUOTE ] static
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#25
11-02-2005, 02:14 AM
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Re: Collecting on a stake gone bad
[ QUOTE ]
You are wasting your time.. Take it as lesson learned... The "old fashioned" way likely wont work either.. You will just wind up with an unenforceable contract and some criminal charges as well.. How much money are you talking? Also, IM not trying to be a butthole, but why would you stake someone that you barely know? Especially when you werent even aware that the contract was likely never enforceable.. If there was no Exact Amount listed to be repaid, it lasted over 1 year or was over 1,000 it had to be signed. Also, it couldnt involve any illegal activity, which it likely does. Sorry for the bad news [/ QUOTE ] under 1.5k. Which was a LOT back then. Now it's still a decent amount, but not mind blowing. I was a n00b looking for the fast track. I would also get lessons out of the deal, plus a set return of like 25%.
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#26
11-02-2005, 02:16 AM
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Re: Collecting on a stake gone bad
[ QUOTE ]
[ QUOTE ] I don't see why this can't be enforced in a small claims court. Personally, I would kidnap one of his relatives and send fingers to him in the mail until he pays, but not everybody is into doing things right . [img]/images/graemlins/tongue.gif[/img] [/ QUOTE ] A small claims court operates under the same contract law that regular court does... Edit: What state are you located in? What state is your stakee located in? Where was this contract signed/executed? Was it signed/executed? [/ QUOTE ] both in Washington. Written contract was made over 2+2 via PM
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#27
11-02-2005, 02:22 AM
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Re: Collecting on a stake gone bad
[ QUOTE ]
[ QUOTE ] [ QUOTE ] I don't see why this can't be enforced in a small claims court. Personally, I would kidnap one of his relatives and send fingers to him in the mail until he pays, but not everybody is into doing things right . [img]/images/graemlins/tongue.gif[/img] [/ QUOTE ] A small claims court operates under the same contract law that regular court does... Edit: What state are you located in? What state is your stakee located in? Where was this contract signed/executed? Was it signed/executed? [/ QUOTE ] both in Washington. Written contract was made over 2+2 via PM [/ QUOTE ] Doh! What were you thinking? I'm still not convinced u have no chance in small claims court. If X agrees to pay Y N dolllars, and in was contractual, it should hold up. The fact that its PM is pretty weak, but I would try to get your money...
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#28
11-02-2005, 02:22 AM
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Re: Collecting on a stake gone bad
[ QUOTE ]
[ QUOTE ] I am certainly not a lawyer (yet at least), but the OP wrote that he lent somebody money that was to be paid back plus winnings. If the guy signed this, I don't see why the OP wouldn't be able to at least get his money back. Can somebody explain to me why this contract wouldn't hold up? [/ QUOTE ] Eh, we need more information before anyone can give an informed, educated answer (the questions that I have posted thus far). However, it is unlikely that this is enforceable for any number of reasons, including but not limited to those reasons that addickt has already mentioned. But we really need to know the terms of the contract, what the damn thing actually says, whether/where it was actually signed and executed, whether there was consideration, what jurisidction this took place in, etc. etc. etc. [/ QUOTE ] parts of the contract: "The terms of our agreement were as follows: $1300 + AIM "lesson/discussion".... if so and you agree to the terms of the agreements plus another $300, for a total of $1600- respond and let me know." he replies "hey reef, ...your terms sound fine with me." -------------------- These are just small bits of the whole thing, but it's all in my PM box. There is also a read receipt and his school email address. I also had access to his poker account for the couple of months he kept in touch. I took screenshots and that is how I have his address. ------------------- Even though I did not set a specific date for payment, he broke the contract by not paying back in the increments included. Also, by not talking over aim
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#29
11-02-2005, 02:27 AM
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Re: Collecting on a stake gone bad
[ QUOTE ]
[ QUOTE ] [ QUOTE ] Why do people keep saying online poker is illegal? Was there some legislation I haven't heard of? [/ QUOTE ] Its not so much a question of legality as the fact that it is a contract based on gambling and historically, the courts of this country have been loathe to enforce those. [/ QUOTE ] overseas gaming at that. therefore, no jurisdiction. if the signed contract reads as a loan only, small claims would work, but may not be worth it. if the contract mentions poker, fuggedabout it. your cash is gone. [/ QUOTE ] it mentions that HE is a poker player. There is no mention of me getting any % of his profit. Just flat amount (with a few other conditions)
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#30
11-02-2005, 02:41 AM
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Re: Collecting on a stake gone bad
Do you realize how much money has been lost by people making loans or staking other players at a casino? Take you 1300 loss as a not-too-expensive lesson and NEVER lend or stake again. If these guys were really that good, they wouldn't need your money. And if they suck, then they would never be able to pay you back anyway.
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