Legal Question in Credit and Debt Law in Massachusetts
lending money to someone
I want to lend some money to a friend. I would like to have a document that would hold up in a Massachusetts court if the money were not paid back. Would just writing it down on a paper that we would both sign and then have notarized be enough, or would that not be acceptable in court. If that is not acceptable, then what would be the least expensive way for me to lend the money and still insure that I will get it back if it were to ever have to go to court?
2 Answers from Attorneys
Re: lending money to someone
You are probably looking for a promissory note.
Depending on the amount of money here, you are advised to see an attorney. You can probably have an agreement drawn up by an attorney for a small flat fee, and your friend should foot the bill for it.
An ounce of prevention is worth a pound of cure, and you should do this the right way from the beginning.
Re: lending money to someone
The least expensive way to achieve your goal is to draft the document yourself, and then consult with a licensed attorney in Massachusetts to make certain it protects your interests under Massachusetts law.
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