Washington State Law. I'm investing some money, and I have received an email of a contract. Is this legal, or do I have to get something else? We both live in Washington State, and the transaction is taking place in Washington State, via a paper check. Here's the email:Hey Rusty,Here's the info for the wire transfer:Beneficiary Bank:Riverview Community Bank17205 SE Mill Plain BlvdVancouver, WA USAABA: xxxx-xxxx-x - this is the routing numberFinal Credit to:Beneficiary Account Number: xxxxxxxxxxxBeneficiary Name: Beacon Rock Events, LLCFor the amount deposited we will return that same amount plus 30% by August 15th, 2012.Thanks!!Cody XxxxSponsor Contactxxx-xxx-xxxx
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Country relating to Question: United States
State (if USA): Washington
Written out the check, but I'm skeptical... I want to know my money is protected.
Thanks for your question and good evening.
If you are going to lend money here at the lease you need a signed promissory note from the individual here not an LLC or other entity.Even an unsecured note in the event of default would require you to sue them and seek a judgment and then try to collect here.But you definitely want a signed promissory note in your hands before you would release the funds.
Anything less will make collection suit on your part much harder.Here is a sample unsecured note.You are free to modify it to your terms and facts.
You may also want to consider a local Washington state lawyer to help in drafting this promissory note.That way you know your rights are protected to the extent you can with an unsecured note.
Second form you can click free preview and review it.
Overall lending money on an unsecured note is risky and will require a lawyer to file suit if the person defaults.But you want to make sure that it is signed by the individual not any LLC or other entity.That would make it even harder to collect.
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A promissory note here offers you more protection than an e-mail.It would be m uch easier to try and enforce and collect if there is default.
29 years in civil, probate, real estate, elder law
I did not get the sample, can you send me a link? I think that would be acceptable, I won't waste your time.
http://www.attys.org/sample-promissory-note.htmlSecond form you can click free preview and review it.
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