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@bearded_lawyah Would he then be presumed to be a money lender under the various money lenders' laws of states? The cases cited above disagree. In this instance, the only reason the young man may not be able to claim the 3m he feels entitled to will be the absence of an agreement, not a license.
@bearded_lawyah AWUTOLO (W/A) LTD & ANOR v. OKOLO
(2023) LPELR-59808(CA) is even more explanatory on this principle of law. Before the presumption that a person is a money lender even arises, he must have shown or held himself out to be a money lender. This person simply gave money to a friend.
Context matters, and in this case, the young man does not appear to be carrying on the business of lending money to require a money lender license.
SIPIKIN v. RIRUWAI
(2014) LPELR-41098(CA)
@bearded_lawyah that your matter came to mind. I still have thus research.
Pro tip: One size doesn't fit all in contract disputes! ๐ Before defaulting to arbitration, consider the deal size, nature, and parties involved. Give them options - not every business disagreement needs an expensive resolution process. #ContractDrafting#LegalTips