Business Law

Ask a Business Lawyer. Get Business Law Questions Answered ASAP.

Ask a Lawyer,
Get an Answer ASAP!

Business Law
This answer was rated:

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

(in CA) and my friend...
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.
Show More
Show Less
Ask Your Own Business Law Question
Answered in 4 minutes by:
2/14/2013
Loren
Loren, Attorney
Category: Business Law
Satisfied Customers: 35,789
Experience: 30 years experience representing clients .
Verified
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.

Ask Your Own Business Law Question
Customer reply replied 4 years ago

does that mean that only ORIGINAL signature is enforcable ?


Even if an attorney is the intermediary ?

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
Ask Your Own Business Law Question
Customer reply replied 4 years 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 ?

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
Ask Your Own Business Law Question
Customer reply replied 4 years 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.

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

Ask Your Own Business Law Question
Customer reply replied 4 years 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

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.
Ask Your Own Business Law Question
Customer reply replied 4 years 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)

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
Ask Your Own Business Law Question
Customer reply replied 4 years 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 ?

1. Yes.

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

3. Correct.

LawGuy
Ask Your Own Business Law Question
Customer reply replied 4 years 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 ?

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
Ask Your Own Business Law Question
Customer reply replied 4 years 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.

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
Ask Your Own Business Law Question
Customer reply replied 4 years ago

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


 


Not an immigration lawyer.

Any attorney would be fine. They are just going to make sure the note is executed and overnight it to you.

LawGuy
Loren
Loren, Attorney
Category: Business Law
Satisfied Customers: 35,789
Experience: 30 years experience representing clients .
Verified
Loren and 87 other Business Law Specialists are ready to help you
Ask your own question now
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.


Ask Your Own Business Law Question
Customer reply replied 4 years 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 ?

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
Ask Your Own Business Law Question
Customer reply replied 4 years 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 ?


 

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
Ask Your Own Business Law Question
Customer reply replied 4 years ago
is that a bank joint account ? Or is that another banking product ?
It includes any property of the borrower pledged as collateral for the loan. Joint bank account, cd, etc.

LawGuy
Loren
Loren, Attorney
Category: Business Law
Satisfied Customers: 35,789
Experience: 30 years experience representing clients .
Verified
Loren and 87 other Business Law Specialists are ready to help you
Ask your own question now
Ask Loren Your Own Question
Loren
Loren
Loren, Attorney
Category: Business Law
Satisfied Customers: 35,789
35,789 Satisfied Customers
Experience: 30 years experience representing clients .

Loren is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

Mr. Kaplun clearly had an exceptional understanding of the issue and was able to explain it concisely. I would recommend JustAnswer to anyone. Great service that lives up to its promises!

Gary B.Edmond, OK

My Expert was fast and seemed to have the answer to my taser question at the tips of her fingers. Communication was excellent. I left feeling confident in her answer.

EricRedwood City, CA

I am very pleased with JustAnswer as a place to go for divorce or criminal law knowledge and insight.

MichaelWichita, KS

PaulMJD helped me with questions I had regarding an urgent legal matter. His answers were excellent.

Three H.Houston, TX

Anne was extremely helpful. Her information put me in the right direction for action that kept me legal, possible saving me a ton of money in the future. Thank you again, Anne!!

ElaineAtlanta, GA

It worked great. I had the facts and I presented them to my ex-landlord and she folded and returned my deposit. The 50 bucks I spent with you solved my problem.

TonyApopka, FL

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

< Previous | Next >

Meet the Experts:

Infolawyer

Infolawyer

Attorney

1,851 satisfied customers

Experienced lawyer

Dimitry K., Esq.

Dimitry K., Esq.

Attorney

1,611 satisfied customers

Run my own successful business/contract law practice.

MShore Law

MShore Law

Attorney

1,233 satisfied customers

Drafted Negotiated and/or Reviewed Thousands of Commercial Agreements

RGMacEsq

RGMacEsq

Attorney

751 satisfied customers

Licensed Texas General Practice Attorney

Barrister

Barrister

Attorney

646 satisfied customers

17 years practicing attorney, JD, BA, MBA

Ely

Ely

Attorney

577 satisfied customers

Counselor at Law.

J.Hazelbaker

J.Hazelbaker

Attorney

393 satisfied customers

Experienced and trained in the area of business law.

< Previous | Next >

Related Business Law Questions
If I have a business registered in the state of A, and I
If I have a business registered in the state of A, and I live in the state of B. I plan to open a business account. In which state, A or B, I should open the business account, from legal perspective a… read more
TaxAttorneytoHelp
TaxAttorneytoHelp
Owner
Doctoral Degree
2,542 satisfied customers
We are looking to start a business and i was was wondering
we are looking to start a business and i was was wondering if we are allowed to trademark a name? i looked it up and a portion is already trademarked by multiple businesses. so multiple businesses can… read more
Lori
Lori
Juris Doctor
256 satisfied customers
I need assistance with a business closure. My store was
I need assistance with a business closure. My store was closed inappropriately. Now they are suing for the remaining lease and a personal guarantee.I have the following areas I need support with. Prov… read more
PaulmoJD
PaulmoJD
Attorney At Law
Doctoral Degree
106 satisfied customers
My business is registered in Delaware as an LLC with a
Hi Pearl, my business is registered in Delaware as an LLC with a partner. My partner is no longer with the company. I would like to move the business to PA where I live. I am also changing the name of… read more
Roy Hadavi
Roy Hadavi
Attorney
Juris Doctorate
980 satisfied customers
How binding is a non-compete agreement if 2 business
How binding is a non-compete agreement if 2 business partners (50/50) created a non-compete for employees but never signed or agreed to the non-compete themselves. And to mention ... there are no clie… read more
TaxAttorneytoHelp
TaxAttorneytoHelp
Owner
Doctoral Degree
2,542 satisfied customers
Can a proprietorship business be bought and sold? Is
Can a proprietorship business be bought and sold? Is proprietorship business considered to be legal entity? I am the seller and have separate tax id for this my healthcare small business..A buyer gave… read more
PaulmoJD
PaulmoJD
Attorney At Law
Doctoral Degree
106 satisfied customers
I own a business and had tried to commit suicide. During my
I own a business and had tried to commit suicide. During my stay in ICU I was afforded 24 hour supervision by hospital staff. During this time I was visited by family in which they had me sign a docum… read more
Infolawyer
Infolawyer
Attorney
Doctoral Degree
1,851 satisfied customers
I have a business that has negative equity and negative
I have a business that has negative equity and negative average earnings over 5 years. Some years were +$250k and some years were -$400k. This year so far shows a $250k loss. I have $200k in inventory… read more
Lori
Lori
Juris Doctor
256 satisfied customers
If someone you've never done business with posts an
If someone you've never done business with posts an inaccurate review of your company on yelp is there any way to have the review investigated and removed?… read more
LegalGems
LegalGems
Juris Doctorate
10,647 satisfied customers
I'm looking to buy a business that deals in promotional
hello. I'm looking to buy a business that deals in promotional products. i'm getting an SBA loan which I will personally guarantee. I currently own an S corporation now but taxed as a pass through ent… read more
KJL LAW
KJL LAW
Juris Doctorate
1,754 satisfied customers
Is it legal for a business to offer their services to
Is it legal for a business to offer their services to individuals of families that live on or below our government's difinition of the poverty level… read more
Infolawyer
Infolawyer
Attorney
Doctoral Degree
1,851 satisfied customers
The 60% business owner to an LLC with no articles of
the 60% business owner to an LLC with no articles of organization, has done things that makes all of us want to separate. however the 40% owners hold all MHIC licenses. Can the 60% just move the compa… read more
Infolawyer
Infolawyer
Attorney
Doctoral Degree
1,851 satisfied customers
I have a question regarding the closing of a business and
Hi there. I have a question regarding the closing of a business and filing for bankruptcy. I am thinking of closing or selling my business and have some debt under my social security number for the bu… read more
DrakeLAW
DrakeLAW
Juris Doctorate
964 satisfied customers
Business consultant. I started a new business that will
business consultant. I started a new business that will offer 50 percent discounts on products and services. How can I get an email list of potential users of my new product? Either how grown or purch… read more
RGMacEsq
RGMacEsq
Attorney
Doctoral Degree
751 satisfied customers
I decided to sue my business partners. The business is going
I decided to sue my business partners. The business is going to operate in Panama city beach Florida but we live in Pembroke Pines Florida. What court should i use for this? … read more
Damien Bosco
Damien Bosco
3,353 satisfied customers
Regarding terminating a business contract with a billing
Regarding terminating a business contract with a billing company that processes our billing. Both I and my partner signed contract as required by our Operating Agreement for the business . The billing… read more
LegalGems
LegalGems
Juris Doctorate
10,647 satisfied customers
How are you this evening? This is a business question. The
Hello, How are you this evening? This is a business question. The State is Florida. Occupation is Massage Therapy (MA53473) including a Massage Establishment Licence (MM29715). Legal business name is … read more
Barrister
Barrister
Attorney
Doctoral Degree
646 satisfied customers
A business executive candidate asked a business owner about
A business executive candidate asked a business owner about the details of the business' technology at a meeting. The business owner's IP attorney advised the business owner not to disclose the techno… read more
Damien Bosco
Damien Bosco
3,353 satisfied customers

DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

Show MoreShow Less

Ask Your Question

x