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Loren
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I have made a promissory note (rocketlawyer.com) between me

Resolved Question:

I have made a promissory note (rocketlawyer.com) between me (in CA) and my friend who is in TX. We are not close friends, more partners.
We have not seen for many years, and he needs to borrow me a consequent amount of money.

Can the promissory note be signed and scanned by him ?
Will the scanned signature be a legal evidence, in case he could not, or would not reimburse me the money ?
I have to tell that I may go outside USA for several months. If he had an issue to give me back the money, I would have to get a lawyer to handle the case for me, being abroad.
Submitted: 1 year ago.
Category: Business Law
Expert:  Loren replied 1 year ago.
Thank you for using JustAnswer. I am LawGuy and I will do whatever I can to answer your question.

You need to have the original signed note or you will have problems enforcing it if there is a default. Even if you need to use an intermediary or attorney to take the original signed note and send it to you prior to disbursing the money.

I hope this answers your question.

It has been my privilege to assist you. Please remember to rate my answer when our communication is completed so I will be compensated for my time in providing you with the information you requested. If you feel the need to provide a low rating, please stop and reply to me via the REPLY or CONTINUE CONVERSATION button with whatever issue or clarification you may need. I will happily answer your follow-up questions and assist you until I am able to explain the answer to your satisfaction. Please also remember that I cannot control whether the law is favorable to your situation, so please do not penalize me for having to deliver bad news.

LawGuy

When you receive a Customer Satisfaction Survey from JA/Pearl, please do rate me highly (8-10). It benefits my ability to assist you and other customers and would be most appreciated.

Customer: replied 1 year ago.

does that mean that only ORIGINAL signature is enforcable ?


Even if an attorney is the intermediary ?

Expert:  Loren replied 1 year ago.
Thank you for your follow up question.

Yes, a promissory note is a negotiable instrument and there should only be one original signed note and that note must be in your possession, either literally or constructively (your attorney) before the money is disbursed.

LawGuy
Customer: replied 1 year ago.

ok.


What is my gain if I hire an attorney to handle the promissory note ? Would he act like a notary to secure the transaction ?


 


Any lawyer can handle that ? Or should it be a business law lawyer ?

Expert:  Loren replied 1 year ago.
It does not have to be a lawyer. You can use a friend. A lawyer is just professionally accountable for any mistakes.

You just want someone to confirm that they have the original signed note and it will be overnighted to you. You can then authorize the release of the money.

It you did use an attorney, a business attorney is the natural choice.

LawGuy
Customer: replied 1 year ago.

ok so the promissory note signed, is like a check or a bond. I must get it with the signature.


It gives me the certitude that the borrower will pay back and minimize the risks.


 


If you would like to look my current promissory note (created on rockelawyer.com), I can allocate a bonus to this thread. You have to tell me the price of this bonus.


 


Then I will upload the note on my website.

Expert:  Loren replied 1 year ago.
Nothing guarantees repayment of an unsecured loan, but the note makes it easier to sue if there is a default.

I will look at your note, but it should not take the place for review by your own attorney.

The bonus amount is appreciated and the amount is up to you.

LawGuy

Customer: replied 1 year ago.

>>Nothing guarantees repayment of an unsecured loan,


Then what is a secured loan ? Through a notary ?


 


>>but the note makes it easier to sue if there is a default.


I have to leave US. How can I sue this person if I had to ? Possibly by hiring a lawyer in US, even though I am outside US ?


 


 



  • Here is my note: http://www.hiallo.com/note.pdf

Expert:  Loren replied 1 year ago.
The note is fine. You do not have to say France. It can just state or at any location designated by lender. You also do not specify an interest amount.

A secured loan is one in which the borrower pledges collateral such as stock or real estate or a certificate of deposit, etc.

You would need to hire an attorney to sue the borrower. At some point, however, you would need to appear in court, though, if there were a trial.

LawGuy.
Customer: replied 1 year ago.

ok so that I guess that is why the banks never lend to poor, as the borrower can not give a security.


 


Imagine that I could not get my feet in US (no visa available for me), thus my money is lost ? (not appearing in court)

Expert:  Loren replied 1 year ago.
It would be difficult but not impossible. You would need to consult a commercial litigation attorney.

Also, check the dates on your note and confirm that they are the dates you intended.

LawGuy
Customer: replied 1 year ago.

ok so my promissory note is ready to use (just to check the dates).


 


That note must be signed just by the borrower and he must mail it either to me, either to my lawyer.


 


If he refuses to sign it and mail it, then better not to lend him. It hides something.


 


Is that all correct ?

Expert:  Loren replied 1 year ago.
1. Yes.

2. Have it returned via overnight courier such as FedEx.

3. Correct.

LawGuy
Customer: replied 1 year ago.

the borrower knows that I may not be able to come back US.


 


Ultimately, to recover my funds (hypothetic), I must hire remotely a commercial litigation attorney, who will try to recover the funds on my behalf (100% representation for a distant customer).


 


The drawback will be the high price of the litigation attorney (30% of the amount recovered).


 


Is that a realistic interpretation ?


 


Or can we say, that since I can't be in US, I should not lend money to a person residing in US ?

Expert:  Loren replied 1 year ago.
You are certainly taking a risk in making an unsecured loan from overseas.

The other possibility is that you could sell the note at a discount to company that deals in such things and they can pursue the borrower.

For a high risk loan such as this you should really be charging interest.

LawGuy
Customer: replied 1 year ago.

ok great answer and service.


 


So in conclusion: better not to talk money with friends.


If we still have to do the transaction, then he must send me this note by USPS express.


Else something is wrong or fishy.

Expert:  Loren replied 1 year ago.
True, if possible, do not lend or borrow money from friends.

Before disbursing any money you want to make sure that you or your agent has a signed note in hand which must be sent overnight to you.

LawGuy
Customer: replied 1 year ago.

an agent will be a business law lawyer or a company specialized. Right ?


 


Not an immigration lawyer.

Expert:  Loren replied 1 year ago.
Any attorney would be fine. They are just going to make sure the note is executed and overnight it to you.

LawGuy
Loren, Attorney
Category: Business Law
Satisfied Customers: 21073
Experience: 30 years experience representing clients .
Loren and 3 other Business Law Specialists are ready to help you
Expert:  Loren replied 1 year ago.
Thank you for your positive rating of my service to you. It has been my privilege to assist you and I hope you will ask for me (LawGuy) on JA/Pearl should the need arise in the future.

Please feel free to bookmark the following link so you can request me to answer any future legal questions you may have:
http://www.justanswer.com/law/expert-lawguy/

Good luck.

LawGuy

When you receive a Customer Satisfaction Survey from JA/Pearl, please do rate me highly (8-10).  It affects my ability to continue to assist you and other customers and would be most appreciated.


Customer: replied 1 year ago.

I have a last doubt:


regarding my friend (we were classmate 20 years ago),


is that better that a lawyer gets the note ? He would be inclined to reimburse the money on the date written on the note.


 


Or the result is the same ? The precious thing is the note itself ?

Expert:  Loren replied 1 year ago.
I always recommend involving your attorney. There is no reason you need to learn as you go. The note is extremely important and you need it in your possession.

LawGuy
Customer: replied 1 year ago.

I will reopen this thread and allow a small bonus on that additional question.


 


Here is what my usual immigration expert told me:


 


"There is the option of setting up an account and have both names on it. You put the account in your name in CA and then he goes to the bank and does a signature card at the branch in Austin"


 


Could you rate this solution and explain it to me ?


 

Expert:  Loren replied 1 year ago.
Not a bad idea. You would be turning this into a secured loan, though. For that, I strongly recommend you have the documentation prepared by a local attorney rather than do it yourself.

LawGuy
Customer: replied 1 year ago.
is that a bank joint account ? Or is that another banking product ?
Expert:  Loren replied 1 year ago.
It includes any property of the borrower pledged as collateral for the loan. Joint bank account, cd, etc.

LawGuy
Loren, Attorney
Category: Business Law
Satisfied Customers: 21073
Experience: 30 years experience representing clients .
Loren and 3 other Business Law Specialists are ready to help you

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