Legal Question in Civil Litigation in New York

Agreement between signer & co-signer of a loan
I will be co-signing a loan for someone and there will be an agreement as to what happens if he were to default on the payments. I would like some general form that I can use to process this as a legal document. For example, a boat will be the collateral for this loan, I want to have the boat registered to myself when it comes due to be renewed. I wouls also like some clause in case the boat is no longer of any value before the laon is paid off.

Asked on 6/12/01, 1:47 pm

Robert R. Groezinger GroezingerLaw P.C.

0 users found helpful

0 attorneys agreed

Re: Agreement between signer & co-signer of a loan

I received your post on 6-28-2001.

If your co-sign the loan and there is a default, YOU TOO ARE ON THE HOOK for the money. You sign, you pay.

If your think he can't pay, what makes you think that boat won't be repossessed for a lack of payment?

Any questions, please contact me directly at 845-878-2163.

Good Luck

RRG

Answered on 6/28/01, 2:26 pm

Keywords

Match Any Match All

Country

State

Area of Law