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Law Educator, Esq.
Law Educator, Esq., Attorney
Category: Business Law
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Experience:  All corporate law, including non-profits and charitable fraternal organizations.
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I am a member of AA and I am about to grant a loan to another

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I am a member of AA and I am about to grant a loan to another member, I have been burned before doing this, but I feel good about this indivdual. I am attempting to make this a legal transaction. Documented with a notarized, promissory note. I would like to secure the note with the title of this individuals auto, which he owns outright, and it'value far exceed the amount of the note. How do I technically securitze the note, to the title of the car. I am a CPA, but don't understand the technicalties involved.in using the title for security. Could you please advise.
John
Submitted: 5 years ago.
Category: Business Law
Expert:  Law Educator, Esq. replied 5 years ago.
The note can be just the fairly simple and straight forward obligation to pay and the terms of the payment, due dates of payment or maximum due date on the loan and specification that in consideration for the loan he is using his vehicle as security and will grant you a lien on the vehicle. You also need to specify that he must keep adequate insurance on the vehicle and provide you with copies of insurance on the vehicle during course of the loan and that you need to be listed with the insurer as lienholder. Also, specify that if the insurance lapses, you will obtain insuarance at his cost which would be owed to you by him (this covers you in case of accident). You then get the lien form from the state DMV and complete that to be placed on the title of his car as a lienholder. The process is fairly simple actually.


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Law Educator, Esq., Attorney
Category: Business Law
Satisfied Customers: 88673
Experience: All corporate law, including non-profits and charitable fraternal organizations.
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