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All Business
All Business, Attorney
Category: Business Law
Satisfied Customers: 847
Experience:  27 years of business experience with accounting and law degrees
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I made ,signed and notorized a promasory note for $40.000 ...

Customer Question

I made ,signed and notorized a promasory note for $40.000 to a lady I was engaged to because I owed her approximately $20,000 and She was concerned that if something happened to me I.E I died before we were married she might not get paid. Because I wanted to make sure she would have enogh money to move on with her life if I did die, I made the note out for $40,000. I did not owe this much but I did this because that was the amount she said she had when I met her. We Broke up and I agreed at that time to give her 24,000 but after realizing I really didn''t owe her more than 18,000, I gave her 16,000 and told her she could keep the $4,000 engagemnet ring. Now she says she is going to get a lawyer and collect the $40,000 plus lawyer fees from me.
Submitted: 8 years ago.
Category: Business Law
Expert:  All Business replied 8 years ago.

thanks for the question.

i am not quite sure what you are asking but if it is does she have a claim, yes. she has a valid promissory note which you gave her and there seemed to clearly be consdieration for the note. the only thing you can do is argue as you described here that a portion of it was for the future IN THE EVENT YOU DIE but that is not a very strong argument. i do not think it was very smart to give her a note for the 40 that you did but that is already done.

the upside to this is that it is an unsecured note so in essence she may very well get a judgment but if you do not have any assets of note there will be nothing for her to collect against. of course, as it moves along she could potentially get a levy and garnishment on your pay. that thopugh is only to the extent that she gets a judgment.

in short, you should ertianly defend case with your defenses as stated. the bigger question is if she will really get an attorney to do this.