Legal Question in Civil Litigation in California

Breach of contract date

Original promissory note for funds lent, then 8 weeks later security agreement created to add additional loan amount and tie to property to secure. Entire loan agreement breached. Do we file suit back to original loan date, or to amended loan date? First loan amount $20,000. Security agreement added additional $35,000. It affects amounts of interest and penalties sought?


Asked on 9/22/08, 6:53 pm

1 Answer from Attorneys
Michael Stone Law Offices of Michael B. Stone Toll Free 1-855-USE-MIKE

Re: Breach of contract date

This would be a good question to ask the attorney who drew up the promissory note and security agreement. Your question cannot be answered without reviewing these documents.

Some people try to draft these types of documents themselves, only to discover later on that the loan was not properly secured, or that there is no clause in the contract requiring the debtor pay their attorney fees and costs in addition to principal and interest.

I hope you are not planning to file a lawsuit seeking $55,000 plus interest, etc. without retaining an attorney. This would be foolhardy.

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Answered on 9/22/08, 7:46 pm


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