Legal Question in Business Law in California

A friend wants to borrow $5,000.00 for 30 days & I would like to help him . What kind of contract, document, or form would you recommend as the best way to establish this agreement and in the event of noncompliance would give me the best chance of recovery thru a legal action in the courts.


Asked on 8/25/14, 1:32 pm

1 Answer from Attorneys
Anthony Roach Law Office of Anthony A. Roach

If you want to waste your time with the courts, you have him sign a promissory note. If you want to be clever and avoid the courts, you have him sign a promissory note secured by a deed of trust on real property he owns, or by a chattel mortgage on personal property that he owns. To make it even better you get the note guaranteed by third parties who want him to get the loan.

Read more
Answered on 8/25/14, 1:57 pm


Related Questions & Answers

More Business Law questions and answers in California