Legal Question in Credit and Debt Law in Texas
I'm Loaning a friend 80,000 Dollars to purchase some land to develop. Would it be enough to protect my money by having a lawyer right up a line of credit contract with terms, or is there something else I should do. He would prefer that I just did a Line of credit Contract.
Asked on 3/12/15, 6:00 pm
1 Answer from Attorneys
Of course he would prefer a line of credit. That way if he declares bankruptcy he can avoid paying you anything. That is not in your best interest. You should have your loan secured against the land so that if he does not pay you can obtain a judgment on the debt and foreclose on the property.
Answered on 3/24/15, 10:37 am
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