Legal Question in Business Law in Missouri
securing a loan
What legal forms do we need in order to secure a loan with a piece of property? (Missouri)
Also what type of promissary note should be used?
Thank-you
Asked on 1/02/08, 3:21 pm
1 Answer from Attorneys
Michael R. Nack
Michael R. Nack, Attorney at Law
Re: securing a loan
There are various ways to handle this situation, but normally, we use a promissory note and a deed of trust.
You may want to consult with an attorney to be sure that everything is done properly so that you are protected if the borrower fails to pay the loan. Good luck.
Answered on 1/02/08, 8:31 pm
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