Legal Question in Credit and Debt Law in Minnesota

Legal document for loaning money

If two people sign a paper stating that one will make monthly payments for money that was borrowed; the borrower uses a vehicle as collateral. stating that if payments are not made the lender has the right to take the vehicle; the paper is notarized, would that stand up in a court of law?


Asked on 1/25/09, 7:28 pm

1 Answer from Attorneys
Sam Calvert Calvert Law Office

Re: Legal document for loaning money

As a general proposition, yes. But of course the details are important. You want to have a non-usurioius interest rate, you need to create a security interest, you need to get the security interest noted on the vehicle title, etc.

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Answered on 1/25/09, 10:31 pm


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