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In my divorce my ex husband had to produce a promisory note.

I finally got my former...
In my divorce my ex husband had to produce a promisory note. I finally got my former attorney to give me a copy of this note. I never understood how the courts accepted this note with out me reviewing it or signing it but it was accepted . Today I went to record the document and was told I can not because his signature is not notarized not even witnesses ..my question is this careless on my attorney's part..the note is for $1,000,000.00 and can I do anything about this..he is refusing to do it now
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Answered in 7 minutes by:
12/5/2012
TexLaw
TexLaw, Attorney
Category: Legal
Satisfied Customers: 4,430
Experience: Lead trial/International commercial attorney licensed 11 yrs
Verified
Has your ex husband violated the terms of the promissory note?
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Customer reply replied 4 years ago

No.. only the terms of the pledge agreement ...was just trying to protect my interests before all the security on the note is gone...I just want to know if not having a note for that amount of money notarized or witnessed is careless on the lawyers part and if I have to go to court is it less effective? Can he say it is not his signature? It also needs to be recorded before I have nothing and I can not do that at this point.

Hi,

Not having the note notarized is not careless. Although it is not recordable, most promissory notes are not recorded at all. The fact that it was not notarized does not destroy its enforceability. Further, because the promissory note is the result of a Divorce Decree, it will be next to impossible for your ex to prove that this is a fraudulent note and is not his signature.

When you say that he is violating the pledge agreement, what do you mean exactly?
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Customer reply replied 4 years ago

I am holding his corporate shares as collateral he transferred all the holdings of the corporation in to a newly formed LLC and borrowed millions on the holdings with out my knowledge . Since I am only holding shares not property...and it was not recorded seems there is nothing I can do about it I have to hold the note with no security now ..there is only $50,000.00 in assets now I was just trying to protect that ...My lawyer put me in a very bad agreement and I didnt understand until all the asset were gone

Short of suing on the note or asking for a declaratory judgment that he is wrongfully devaluing the collateral, then you are in a tough spot.

Unfortunately, I dont think this rises to the level of professional malpractice on your lawyers part.
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Customer reply replied 4 years ago

Ok...I figured that.. if he does not pay the note is the lawyer responsible at all?

I think a malpractice suit against the lawyer in this circumstance would be very tough.
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Customer reply replied 4 years ago

That is so crazy ..she wrote the contract and was so careless with so many aspects of the agreement. After 20 years of marriage I have nothing he was supposed to liquidate and pay me ..but she wrote the agreement in a way that gave him the ability to put everything in to an LLC that I can not touch..Will this be handled in the family court ? and what can the court do to help me recover the funds?

The promissory note can be sued upon in the superior court, not the family court. If he owes you money pursuant to the terms of the promissory note and doesn't pay it, you sue him for it and have a judgment against him. If the promissory note has a term which grants the stock as collateral and he is devaluing the stock by transferring all the assets of the company out to an external LLC, you need to sue on the note and have that transaction reversed.

Intentional devaluation of collateral is a default under the Promissory Note if the note included terms making the stock collateral on the note.

If your attorney did not include the collateral agreement as part of the promissory note, then it is possible that there might be malpractice. It really depends on the exact language of these agreements, which I'm not privy to.

However, just from the sound of it, it sounds like your attorney did not completely think things through, but this does not always rise to the level of malpractice.
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Customer reply replied 4 years ago

I was just reading it how about if it is noted" that it is understood these funds are to be considered support to the wife" does that keep it in family court?

No. You can bring it in family court if you want to, as the court would still have jurisdiction over it, but you can also bring it superior court, which might be faster depending on your location.
TexLaw
TexLaw, Attorney
Category: Legal
Satisfied Customers: 4,430
Experience: Lead trial/International commercial attorney licensed 11 yrs
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TexLaw
TexLaw
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Category: Legal
Satisfied Customers: 4,430
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