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I borrowered 5000. An attorney prepared the note and gave

I borrowered 5000. An...
I borrowered 5000. An attorney prepared the note and gave me the 5000 out of his trust account. The attonrey has how stated the note has been assigned to him. Does the holder of the original note have to inform the maker when he assigns the note to another party? This attorney has now filed a law suite against me but refuses to prove the note has been assigned or give me the contact infomation of the original note holder. His compaint states note has been assigned but does not include any documentation showng it has been assigned.
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Answered in 6 minutes by:
8/3/2013
Barrister
Barrister, Attorney
Category: Estate Law
Satisfied Customers: 38,720
Experience: 17 yrs estate law, real estate. Wills/Trusts/Probate
Verified
Hello and welcome! My name is XXXXX XXXXX I will try my level best to help with your situation or get you to someone who can.
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I need to ask a few questions before I can comment on your situation..
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Did you repay the loan or have you defaulted on it?
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Was this a private loan from an invidual initially and the attorney just did the paperwork?
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Thanks
Barrister
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Customer reply replied 4 years ago


The loan is still unpaid - I was hit by a car while in a crosswalk - the loan was arranged by the personal injury attorney handling the case.He said I would not have to pay it back until I received funds from the accident case. The accident case has been on appeal for 3 years so the holder of the note is accumulating interest.


I offered to add the interest due and amortize the loan over 5 years at 10% but they turned it down and filed the law suite.


 


The attorney arranged the loan - private loan from his Brother. He refuses to give me the brothers contact information.

Ok, does the loan agreement state in it that no payment is due until your case settles or if finally resolved?
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What grounds would either party have to sue you if you weren't obligated to repay the loan until your case was finally settled?
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Thanks
Barrister
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Customer reply replied 4 years ago


The note was a 1 year note - verbally the attorney stated I would not have to pay until I received funds from the accident. Case did not even get to trial in a year and it has now been almost 4 years. Attorney who arranged the loan has filed the law suite stating this note has been assigned to him - yet he refused to provide me contact info for the note holder and will not give me proof that he is the holder of the note. His complaint just has the original note attached no indication he owns the note? Is this even legal? Doesn't the note holder have to inform me if he assigns the note?

Ok, if it was just a one year note, then if that time has passed, then the owner of the note could call it due and file suit if it is not paid. Unless there is something in the agreement that states the creditor must notify the debtor before assigning the note, then there is no legal duty to. The entire transactions would be governed by whatever paperwork there was for the loan.
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The attorney wouldn't have to prove his case to you now and then again in court. He only has to prove that the first creditor has assigned him the note in the actual court case. As part of his case, he will have to provide written proof that his brother has legally assigned the note to him and that he now owns it. If this is his brother, then it is pretty likely that he has done so.
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So at this point you can force the attorney to provide you proof as part of the actual court case. After you have been served with the summons and complaint, you can file a "motion for discovery" with the court and ask for copies of any written assignments and for a copy of the original note. But if he provides the assignmet signed by brother, then your only recourse is to deal with the attorney and try to settle the case. You could always tell the attorney that you are considering filing bankruptcy to get rid of this and other debts. The attorney knows that he gets nothing if you filed BK, so that can give you some leverage in negotiating a payment plan.
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Thanks
Barrister
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Customer reply replied 4 years ago


The attorney who filed the law suite against me has stated he has done so because I filed a legal mal practice case against him.... are you staying it is ok for him to refuse to give me contact information for the note holder when he was my attorney and wrote the note? isn't there something in the rules about not comunicating with your client?

are you staying it is ok for him to refuse to give me contact information for the note holder when he was my attorney and wrote the note?
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If the original note owner doesn't want their personal information given out, and they no longer own the note since they have assigned it to the attorney, then the attorney would not be obligated to do so. In this situation, the attorney was essentially working for both you and the lender.
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But logic dictates that if the attorney has filed suit, he has legal grounds to do so because an attorney can get sanctioned by the Bar for filing a frivolous lawsuit. It is incredibly unlikely that the attorney would file suit knowing he didn't have the assignment of the note as that would be the definition of a baseless lawsuit.
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So he likely has the assignment from brother for the note. Following that out, if he did give you brother's contact information, it would be useless because brother wouldn't own the note any longer. Brother couldn't do anything for you because once a note is transferred, it is then owned by the new party.
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isn't there something in the rules about not comunicating with your client?
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And yes, under the Model Rules of Professional Conduct, an attorney has a duty to communicate with his client regarding their case. But this doesn't have anything to do with your case directly and is just peripherally related to it. This is just about a loan between two parties that has gone into default.
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Thanks
Barrister
Barrister
Barrister, Attorney
Category: Estate Law
Satisfied Customers: 38,720
Experience: 17 yrs estate law, real estate. Wills/Trusts/Probate
Verified
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Category: Estate Law
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