My husband and I borrowed $750.00 from my dad to get a lawyer, and my dad said we can pay him when my husband gets out of jail (he was sentenced to 6 years) and my dad would keep our impala car for callateral which was in good condition, now my dad wants his money (7years later) but he blew the motor on the car and it does not run anymore and all run down does he have to fix it first. Than you for your help.
Answer
Granting a car or other property as collateral does not entitle the collateral holder to use the property. By using the car, your dad "converted" the car. Having done so, he has to credit you with the value of the car as of the time you delivered it to him. If the car was worth at least $750 when you delivered it to him, he no longer has a claim for payment.
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