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ScottyMacEsq, Attorney
Category: Estate Law
Satisfied Customers: 17124
Experience:  Licensed Texas General Practice Attorney
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An 86 year old friend has asked me to loan him $10,000. I

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An 86 year old friend has asked me to loan him $10,000. I am willing to do this, but in addition to a notarized promissory note, I have asked him to have his daughter, the executor of his will, sign it also. He thinks I am being unreasonable. He is giving me no collateral, but promises to pay it back when a rental house he owns sells or within six months. What do you think?


ScottyMacEsq : Thank you for using JustAnswer. I am researching your issue and will respond shortly.
ScottyMacEsq : This oral promise to pay you back when the rental house is sold would not be enforceable. It might as well be as though he has not made that promise. Ultimately it depends on his ability to pay.
ScottyMacEsq : You can enforce the claim against his estate, and you can have his daughter sign it in her role as executor of the estate (rather than personally).
ScottyMacEsq : But he could go bankrupt and get that released.
ScottyMacEsq : (and you would have nothing in return)
ScottyMacEsq : Collateral gives you that something that you cold keep if he did not pay it. Having the executor sign would give you an additional claim (especially in priority) against the estate.
ScottyMacEsq : But ultimately it depends on how much of a friend and how likely you think that repaying is. I would not say it's unreasonable, and you're the one with the money so you get to set the rules.
ScottyMacEsq : Hope that clears things up a bit. If you have any other questions, please let me know. If not, and you have not yet, please rate my answer AND press the "submit" button, if applicable. Please note that I don't get any credit for my answer unless and until you rate it a 3, 4, 5 (good or better). Thank you, XXXXX XXXXX luck to you!
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