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I have a small business and borrowed a little money from my…

Customer Question
Second opinion] I have a...
Second opinion] I have a small business and borrowed a little money from my parents, about a year ago, to help finance the business. I also have unsecured loans with other creditors. If the business goes under, which is always possible, I want to ensure that my parents get their share of any proceeds from my house - prior to any unsecured creditors.Would I simply file a lien, on their behalf, on my house? And, if so, where would I file that? Can you provide a link to the form(s)?I am in Baltimore County, Maryland, and that is the location of the property as well.https://www.baltimorecountymd.gov/index.html
Submitted: 2 months ago.Category: Bankruptcy Law
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12/13/2017
Bankruptcy Lawyer: legalg, Attorney replied 2 months ago
legalg
legalg, Attorney
Category: Bankruptcy Law
Satisfied Customers: 11,935
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Is there a promissory note that has the house as collateral?
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Customer reply replied 2 months ago
I could certainly issue a promisary note to them but would want to ensure that it is formally a matter of record and that any creditors would be able to see that if they were considering a suit of some kind. That is the thought behind trying to figure out how to file that without the expense of hiring an attorney or mortgage processing companies.
Bankruptcy Lawyer: legalg, Attorney replied 2 months ago

One could create a promissory note secured by the home and recorded with the county (so it is part of the record which provides notice to all lenders that come after the date of recordation).

It would create a lien against the home once recorded. It would need to identify the property secured (house).

Here is the UCC governing security interests:

https://www.law.cornell.edu/ucc/9/9-203#

It is best to hire an attorney to draft the note; otherwise samples can be found either online or at the law library. At minimum, an attorney can be hired for a flat fee to review the document. Recordation can be done by contacting the county recorder where the property is located.

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Bankruptcy Lawyer: legalg, Attorney replied 2 months ago

Hello again; just checking in to see how things worked out;

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