Legal Question in Credit and Debt Law in Florida

Due to the economy I am now in a horrible financial position. Prior to this I had a perfect 25-year credit history and an 800+ credit score. My dear friend has been helping me financially (and emotionally!). However, at this point, given the amount he has loaned me, I want him to put a lien on my car so that he is protected. Although the vehicle is nothing fancy, it is the one asset that I own free and clear. The County Tax Collector�s Office provided all of the instructions and forms for filing the lien. However, they did not know if we need to back it up with a promissory note and security agreement as these are not part of the filing process. It should be noted that my dwindling finances forced me to default on my credit cards. My concern is that one of my creditors will sue me and, should they win, will try to get the lien vacated in order to seize the car to satisfy a judgment. My goal is to make sure that my friend�s interests are protected. Will a promissory note and security agreement accomplish this? Are the free online note and agreement forms sufficient? Can we just draw up a simple agreement ourselves? Should the documents be notarized? Witnessed? ��.THANK YOU so very much for your assistance. Your help is TRULY appreciated!


Asked on 10/15/10, 11:51 am

1 Answer from Attorneys
Lucreita Becude Lucreita D. Becude, P.A.

I really don't think this is going to help your friend. If he has already loaned you the value of the car, then give him the car. You will be judgment proof as there will be no assets to obtain.

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Answered on 10/20/10, 4:43 pm


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