Legal Question in Credit and Debt Law in Minnesota

Loaning Money to individual

I have made a huge loan to a person of $12,000 to a person and need to know what is the best contract or form to use to get payment back from them? Can I just write up something and have it notarized for this to be a legal document if payment is not made to use in court if need be?


Asked on 9/15/06, 7:45 pm

1 Answer from Attorneys
David Anderson Anderson Business Law LLC

Re: Loaning Money to individual

There are a number of provisions which can protect you in the event of default.

First off, you need to assure multiple sources of payment (co-signor, secured collateral,etc.) if the borrower is not rock solid financially.

As an attorney with 25 years of experience, I can assure you that NOW is the time to protect yourself, not after the $$ is in the borrower's hands.

Read more
Answered on 9/15/06, 9:04 pm


Related Questions & Answers

More Credit, Debt and Collections Law questions and answers in Minnesota