Legal Question in Business Law in Connecticut
promissory note
I have written an unsecured promissory note and have agreed to pay $500 per month until the loan ($32,000) is paid off. The creditor has agreed for me to begin payments in September. They have hired a lawyer and are threatening to take me to court to ''secure'' the loan. Can they do this assuming I do not default on the loan?
1 Answer from Attorneys
Re: promissory note
You have not provided enough information to give a complete answer but here is some general information.
A creditor cannot force you to secure a loan. What a creditor can do is sue you, obtain a judgment, and then secure the loan by putting a judgment lien against real estate or somehow attach other property.
If you owed this creditor money and you agreed to write the note and the creditor agreed to accept it, then you might have an argument that you have reached an agreement with the creditor that would keep him from suing you unless you breached the new agreement (by defaulting on the loan, as you state).
Please feel free to call my office 860.236.9350 or email me with further details if you would like to discuss this further.
John Serrano, Esquire
Related Questions & Answers
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
