Legal Question in Civil Litigation in Minnesota
Collecting Debt
Our relative approached us two years ago asking for a loan of $15,000. He said he would pay us back $20,000 within a year. We signed a Promissory Note for $20,000. He has not paid us anything (it's now been over two years). We contacted a lawyer and he said the Promissory Note is void because it violates the Usury laws. What recourse do we have at this time?
2 Answers from Attorneys
Re: Collecting Debt
I would need to see the Promissory Note. A court may void the usurious interest provision but enforce the note consistent with MN law 334.01.
Call or email for assistance.
Re: Collecting Debt
I have not taken the time to research the usury laws and if your facts apply to those laws, but even if your promissory note violated the usury laws, you can still sue for at least $15,000 and probably also for additional interest at a non-usurious rate.
Kent Gravelle
Cundy & Martin
1125 Wells Fargo Tower
7900 Xerxes Ave. S.
Bloomington, MN 55431
Related Questions & Answers
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
