Legal Question in Banking Law in Pennsylvania

Judgment note for loan

I was approached by an acquantance to loan him 15k for a business investment. The loan would be unsecured except for the judgement note attached below. Should he use his home address or bus. address? Does the note look sufficient?

Note

For value received, in the amount of $15,000 on this day, August 23, 2007, as a business loan from ____Name________, I _____Name_____ agree to pay back $20,000.00 on or before October 19, 2007. I represent these funds are for a business transaction and regardless of the outcome of the business transaction; I agree to pay the full amount of $20,000.00.

To secure payment of said amount, I herby authorize, irrevocably, any attorney of any Court of Record to appear for me in such Court at any time hereafter; and confess a judgment, without process, in favor of the holder of this note, and against me, for such amount as may appear to be unpaid thereon, whether due or not, together with costs and all attorneys fees of fifteen (15%) percent of any defaulted amount, and to waive and release all errors which may intervene in any such proceedings and to consent to immediate execution upon such judgment; hereby ratifying and confirming all that my said Attorney may do by virtue hereof.


Asked on 8/23/07, 10:51 am

1 Answer from Attorneys
Roger Traversa Arjont Group (Law Office of Roger Traversa)

Re: Judgment note for loan

You asked about a note securing a loan.

Get real. This board is for asking general questions that will direct people on what avenues to take. On many occasions attorneys will answer more substantive questions from people who are obviously either in a tight situation or are of limited means. You obviously do not qualify as either

If you want specific advice pay to speak with an attorney.

Regards,

Roger

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Answered on 8/23/07, 1:40 pm


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