Legal Question in Employment Law in California
Balloon Payments on loans
If an employer gives an employee a loan/advance for X amount of dollars and that employee signs a promissory note, upon termination of employment for the employee(voluntary/involuntary) can the balance remaining on the loan/advance be deducted from their last paycheck?
Asked on 3/06/02, 5:00 pm
1 Answer from Attorneys
Patty Lewis
Law Office of Patricia Ann Lewis
Re: Balloon Payments on loans
it depends on the terms of the promissory note . . . you need to read it to see if there is a contingent provision for termination of the employment relationship . . .
Answered on 3/07/02, 2:01 am