Legal Question in Business Law in California

Promissory Note

My father died in 1994 (president of company) Found a promissory note made in 1974 that still is owed... his business partner put collateral of stocks for promissory note. I have stocks and promissory note however, all this was found after my fathers death...Business now owned by another business partner after it had gone through a bankruptcy reorganization... What do i do with papers that I have .... no one knew these existed .... is stock also worthless even though it was not accouinted for and i have them signed by my father, other business partners.


Asked on 4/10/05, 6:14 pm

3 Answers from Attorneys
OCEAN BEACH ASSOCIATES OCEAN BEACH ASSOCIATES

Re: Promissory Note

Probably too late to collect on it. Is the estate of your father fully distributed and probate closed? Call me directly at (619) 222-3504.

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Answered on 4/11/05, 10:58 am
Terry A. Nelson Nelson & Lawless

Re: Promissory Note

The BK may have wiped out the debt, and the probate may have had an effect as well. You need to have the facts checked thoroughly to see if there is anything open to you. Because you have the stock itself, there may actually be remaining value there. Contact me if interested in doing so.

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Answered on 4/11/05, 1:46 pm
Edward Hoffman Law Offices of Edward A. Hoffman

Re: Promissory Note

I agree with Mr. Nelson that the stock may very well still be valid. Some other aspects of your question have more to do with probate and wills than with business law; I suggest re-submitting the question under those categories so that attorneys with that type of expertise can answer.

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Answered on 4/11/05, 5:03 pm


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