Legal Question in Business Law in Kentucky
loan agreement
i am wanting to draw up a document between me and a friend about a bank loan .in case of default i would have some kind of protection
Asked on 3/20/07, 8:30 am
1 Answer from Attorneys
Gregory Napier
Troutman & Napier, PLLC
Re: loan agreement
Well, if I am reading your question correctly - consider this: if your friend is going to default on a bank loan how could a simple contract keep him or her from defaulting on you? There is only one way to get real protection against default on a loan and that is to get a security interest in some property your friend owns by filing a lien. This can be tricky and if not done correctly, the lien may be faulty and still not protect you.
Answered on 3/20/07, 9:05 pm
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