Legal Question in Legal Malpractice in New Jersey
In New Jersey, if a person walks into an attorney's office and claims he is a member of an LLC and he wants the attorney to construct a mortgage so he can borrow money from another LLC, and then have that mortgage recorded, what due diligence is this attorney required to do on this individual and the affected LLC before carrying out this individual's request?
Thanks,
Ray
Asked on 2/20/14, 6:51 am
1 Answer from Attorneys
James Brady
James P. Brady, Attorney at Law
Generally, the LLC accepting a mortgage as collateral for a note or other debt will have it drafted, not the borrowing LLC.
It would be the responsibility of the creditor LLC to check the authority of the member to bind the borrowing LLC
Answered on 4/27/14, 8:28 pm
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