Legal Question in Business Law in Michigan
Loans
can a person put up his salary or anticipated income as security for a loan?
Asked on 7/09/07, 11:05 am
1 Answer from Attorneys
Audra Arndt
Audra A. Arndt & Associates, PLLC
Re: Loans
Probably not - but it depends on the lender. Usually security is a tangible asset, like a house, car, boat, etc., not cash or something you expect to receive in the future.
Answered on 7/09/07, 9:21 pm
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