Legal Question in Business Law in New York
promissory notes
I have a promissory note signed by my employer for money loaned for the purchase of materials and utilities to keep our business running. There is a provision in the note stating that the lender cannot avoid payment by utilizing bankruptcy. Could this note be considered as secured vs. non-secured with me as a creditor?
Asked on 1/29/09, 6:44 pm
1 Answer from Attorneys
Michael Markowitz
Michael A. Markowitz, PC
Re: promissory notes
That term would be illegal, void against public policy, and not enforceable. You cannot agree to avoid a law.
Mike.
Answered on 1/30/09, 8:45 am
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