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Marcus Parker
Marcus Parker, Attorney
Category: Business Law
Satisfied Customers: 460
Experience:  Experienced in corporations, LLC, partnerships, etc., formation and operation
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Seventeen years ago I began the process of buying an

Resolved Question:

Seventeen years ago I began the process of buying an existing lighting agency from the owner. In that process I signed a note for fifteen thousand dollars as part of the buy-out. During the 17 years I've been paying this person on a monthly basis. Recently I retired and closed the business. But this person is saying I still owe him the $15,000. I contend that since I'm no longer in business the note is null and void. Am I right or wrong?
Submitted: 8 years ago.
Category: Business Law
Expert:  Marcus Parker replied 8 years ago.

You are wrong.

Unless the note provides something unusual, the agreement was that you would continue making payments until paid in full. That would be like buying a car and, if you don't use it, claiming that you don't owe any payments. It doesn't work that way.

But if you have been making payments on a $15,000 note for 17 years, I don't understand how the person who holds the note claims you still owe $15,000. Did you not pay down the principal?

Marcus Parker and 2 other Business Law Specialists are ready to help you
Customer: replied 8 years ago.
Reply to XXXXX XXXXX's Post: Over the years I have paid him over $55,000.00. The note is a separate issue. By the way, the credit card number that came up for me to accept is no longer valid. How can I use a different card?
Thanks