Legal Question in Banking Law in Indiana
Security for a large personal check
What can I create and enforce a legal I.O.U.? Someone I have given a large amount of money to, is receiving funds from a real estate closing and I want to be sure they pay me back outside of the closing.
Asked on 5/31/03, 7:13 am
1 Answer from Attorneys
John Bator
Bator Redman & Shive
Re: Security for a large personal check
How soon is the closing?If it will not occur for some time, have an attorney draft a Note and Mortgage and record the mortgage. Otherwise, a Note and assignment of the sale proceeds will work but you would have to deliver the assignment to the realtor/title company to ensure the money will be paid directly to you at closing. If it is a large sum, don't take chances-get to an attorney quickly
Answered on 6/02/03, 3:25 pm
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