SI SEA01120.220 Oral Loan Agreements in the Seattle Region
See SI 01120.220
Oral loan agreements are legally binding in all four states in the Seattle Region. Where the criteria in SI 01120.220C.are met, assume the loan is binding.
Do not develop enforceability or forgiveness of loans since these aspects are immaterial to the determination that a loan exists for Title XVI purposes. The determination evaluating the validity of the loan must include a reference to SI SEA01120.220 as a basis for finding that oral loans are valid.
See SI 01140.300D.1. for development of loans where the SSI claimant/recipient is the lender of money and, therefore, the owner of the loan agreement.