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WALLSTREETFIGHTER
WALLSTREETFIGHTER, Attorney
Category: Legal
Satisfied Customers: 15584
Experience:  14 years experience in representing clients, current member of legalshield, legal club of america, NYSUT and UFT attorney
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In place of the standard Promissory Note,unsecured, with a

Customer Question

In place of the standard Promissory Note,unsecured, with a private lender, which is a legal tender, I want to make it a non-legal instrument..so what do I do ?
Call it something else like a) Promissory Loan Amount or b) Promissory Loan Agreement or c) Loan Agreement or d) your suggestion

It will be signed by both parties but not notarized. At stake is my house & I am concerned that a Judge can put a lien on the house if the amount is not paid. Its a 10 yr lease @ 5% interest. The loan was made personally to me over time & the house is on my name. There is a business too but it is Incorporated.
Submitted: 11 months ago.
Category: Legal
Expert:  WALLSTREETFIGHTER replied 11 months ago.

WALLSTREETLAW :

Hello I am a licensed attorney. I am here to help answer your questions. Please do not hesitate to ask for clarification

WALLSTREETLAW :

why do you want it to be non legal?

WALLSTREETLAW :

You do not want it to be enforced in Court, in case of default?

Customer:

Yes

Customer:

It was a personal loan given on a hand shake and to help me during a difficult time.

WALLSTREETLAW :

The name on the note can be whatever you wish, however, if both parties sign an agreement it would become a valid contract,

WALLSTREETLAW :

unless you have a clause in the contract itself, stating it cannot be enforced,

WALLSTREETLAW :

or that the agreement does not create a legally binding agreement in anyway

Customer:

I am in process of drafting up or revising the standard NOLO Promissory Note...what exact terminology should I incorporate to make it non binding ? If I do go bankrupt how would that change. Also I guess from your answer notarizing the signature does not matter.

WALLSTREETLAW :

you can state this agreement is not binding and does not create a binding contract on any party

WALLSTREETLAW :

In terms of bankruptcy, the trustee will review the document and see if it is valid or not, if not valid he may not consider it, unless you can show all parties are following the loan terms

Customer:

OK ..he also wants to have this loan transferred to his heirs upon his demise (76 yrs now) & I am not too happy about that

WALLSTREETLAW :

the loan would be part of his Estate, so that would happen in most cases, unless you state upon death of parties the agreement is void

Customer:

Should I put the house in a Irrevocable Trust Fund or Revocable Trust Fund to avoid loosing the house (now 57 yrs) and have a 21 yr old daughter. The whole premise was a business loan but businesses can fail.

WALLSTREETLAW :

a trust or corporation would work,

WALLSTREETLAW :

if you do not want it to be in your name or considered part of your asset

Customer:

Would the date I transfer over to a Corp , Trust matter ?

WALLSTREETLAW :

yes, the faster it is done the better

Customer:

Before or after the Promissory note ? matters ?

WALLSTREETLAW :

does not matter

Customer:

Great -- also I can transfer deed of house to my daughter or make her President of a newly formed Corp ? (Do not want to be homeless with this loan)

WALLSTREETLAW :

yes, that is a good option as well

Customer:

Can you assist in forming this corp or Trust Fund ?

WALLSTREETLAW :

we cannot do that, however you can do it fairly easy online using legalzoom or another online service

Customer:

Even a Trust Fund ?

Customer:

I have formed Corp

WALLSTREETLAW :

a trust fund is more complicated, you may need an attorney for that

Customer:

So I form a Corp and transfer the Deed to that Corp ?

WALLSTREETLAW :

yes

Customer:

Finally you are certain calling that anything else other than promissory note is also legal unless stated not so ?

WALLSTREETLAW :

yes, the name or caption does not matter,

WALLSTREETLAW :

any agreement even a verbal one, if there is evidence can be enforced in a Court,

Customer:

Thank you...appreciate your answers...excellent service. If you do consult outside I would like to have you represent me.

WALLSTREETLAW :

Thank you, XXXXX XXXXX the rules we are not allowed to do this,

WALLSTREETLAW :

If you have any future questions please do not hesitate to contact wallstreetlaw,

WALLSTREETLAW :

If satisfied with our service please provide us with positive feedback so we can receive credit

Customer:

Do I get a copy of this conversation...dont want to loose it after I hit submit

WALLSTREETLAW :

yes, it will be emailed to you and saved

Customer:

Ok bye

WALLSTREETFIGHTER, Attorney
Category: Legal
Satisfied Customers: 15584
Experience: 14 years experience in representing clients, current member of legalshield, legal club of america, NYSUT and UFT attorney
WALLSTREETFIGHTER and 14 other Legal Specialists are ready to help you
Customer: replied 11 months ago.



fOLLOW UP QUESTION..Getting back on the Promissory Note...I have included the following (and deleted verbiage about potential lawsuits and collections) on standard LF293 Nolo Promissory Note ..So is the following statement good against a judge issuing a lien on my property etc...."THIS AGREEMENT IS NON BINDING AND DOES NOT CREATE A LEGALLY BINDING CONTRACT ON ANY PARTY. WHATSOEVER. NO COLLATERAL OR LIEN ETC ON ANY PERSONAL PROPERTY OR BUSINESS WAS OR IS AGREED UPON BY BOTH PARTIES AS POSSIBLE SECURITY FOR THIS LOAN. THE LOAN MADE OVER THE COURSE OF ONE YEAR IN 2012 WAS A FRIENDLY LOAN TO HELP THE BORROWER START A NEW BAR & GRILL BUSINESS. BOTH PARTIES WERE AWARE OF THE RISKS INVOLVED. THE MONTHLY PAYMENT ABOVE IS TO PAY OFF THE LOAN IN 10 YEARS AND IS USED AS A PREFERRED GUIDE LINE. ACTUAL TIME WAS NOT SPECIFIED DURING THE LOAN. ADDITIONAL TIME MAY BE USED TO PAY OFF THE LOAN AND PAYMENTS ADJUSTED ACCORDINGLY; HOWEVER BORROWER WILL MAKE ALL EFFORTS TO PAY OFF THE LOAN IN A TIMELY MANNER"


 


Optional Information:
Country relating to Question: United States
State (if USA): New York

Already Tried:
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Expert:  WALLSTREETFIGHTER replied 11 months ago.
that would be fine.

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