Legal Question in Business Law in Arizona

promisory note protection

I have a promisory note that is supposed to be paid back from a trust fund distribution in 9 months. Should I record the note or somehow protect myself to ensure payment if the lendee chooses to cash in the trust early?


Asked on 2/09/09, 12:09 am

2 Answers from Attorneys
Donald Scher Donald T. Scher & Associates, P.C.

Re: promisory note protection

It sounds like you have loaned money to someone who says that they will pay you back when they receive a distribution from a trust. You should ask the beneficiary of the trust to notify the trustee to pay you directly when the next distribution to the beneficiary is to be made.

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Answered on 2/09/09, 1:26 pm
Donald W. Hudspeth The Law Offices of Donald W. Hudspeth, P.C.

Re: promisory note protection

A recordable security agreement to go along with the promissory note would be only 150.00.

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Answered on 2/10/09, 12:01 pm


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