Legal Question in Credit and Debt Law in New Jersey
promisory note for a secured loan
I live in New Jersey and want to lend money top a friend who lives in California. The loan will be secured by his property in California.
Will this transaction be governed by New Jersey or California laws?
Asked on 7/20/09, 11:22 am
1 Answer from Attorneys
John Corbett
Corbett Law Firm LLC
Re: promisory note for a secured loan
That part of the agreement that deals with the California property will be governed by California law. The balance of the agreement depends on how it is written. The parties should make a choice and state that in the contract to avoid later confusion.
See also: http://info.corbettlaw.net/lawguru.htm
Answered on 7/20/09, 11:54 am
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