Legal Question in Legal Ethics in California

I received a Promissory Note from a NY attorney (April 2008) on behalf of a couple who wanted a loan. The terms of the agreement were drafted and supplied by the NY attorney. The terms required repayment in 12 month. The contract was executed in May 2008 and I have yet to receive any money. I am now being told that the document is not enforceable as the terms for late payment are unreasonably great, and not warranted by law. I live in CA but the people who I loaned the money to live in NY. What can I do to get my money back and to hold the NY attorney accountable for the deceptive agreement.


Asked on 1/22/12, 5:18 pm

1 Answer from Attorneys
George Shers Law Offices of Georges H. Shers

I need some more information to give a more definitive answer. In general, in California loans for non-personal property is limited to 10%, but only the interest is forfeited and not the principal. But it seems this loan might be governed by New York law. You can give me a call to discuss briefly the case. 510-441-2684

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Answered on 1/22/12, 6:11 pm


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