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My bestfriend went into a Contract 3 years ago, with one of…

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My bestfriend went into a...
My bestfriend went into a Contract 3 years ago, with one of cousin an he noted a $300 K Note an it's due on 8/4/10/. The agreement was that she pay the note back in full $300 K after 3 years. Now, I like to find because my friend has been stressed out about this alot. She already is preapproved for $300 K loan. An the bank told her that she has to be patient an wait for escrow to cut the check. I like to know if 7/4/10/ comes around an she still has not gotten the check?? I like to know if her cousin can legally take over her startup business, due to not having the $300 K to pay off, during the time of the Note was due??? Because her cousin already calling her tell her, if she doesnt have the $300 K on 8/4/10/ shes out of her business.
Submitted: 8 years ago.Category: Legal
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Answered in 2 minutes by:
6/27/2010
Lawyer: Brandon M., Counselor at Law replied 8 years ago
Brandon M.
Brandon M., Counselor at Law
Category: Legal
Satisfied Customers: 12,620
Experience: Attorney experienced in numerous areas of law.
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Hello there:

So basically, your question is what options your friend has if the cousin fails to make full payment on the note on time, correct?
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Customer reply replied 8 years ago

No, I am not asking what options she has to do. I am asking about the letter preapproval from the bank she has that, the only problem is the funding being cut from escrow.

Lawyer: Brandon M., Counselor at Law replied 8 years ago
I appreciate your patience; this forum is convenient and accessible, but there are sometimes communication challenges.

No one can just automatically come in and take over your friend's business without a court order. Your cousin, or whoever claimed a right to take over the business, would have to first file a complaint with the court saying that they had the right to do so. Only after they proved their case to the court and had an order from the court turning over the business would this be an option. The entire process from start to finish would typically take 6 months to a year to get court approval.

I hope that this answers your question. Let me know if I may be of further assistance. Thank you.
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