Legal Question in Banking Law in Indiana

Security for a large personal check

What can I create and enforce a legal I.O.U.? Someone I have given a large amount of money to, is receiving funds from a real estate closing and I want to be sure they pay me back outside of the closing.

Asked on 5/31/03, 7:13 am

1 Answer from Attorneys

John Bator Bator Redman & Shive

Re: Security for a large personal check

How soon is the closing?If it will not occur for some time, have an attorney draft a Note and Mortgage and record the mortgage. Otherwise, a Note and assignment of the sale proceeds will work but you would have to deliver the assignment to the realtor/title company to ensure the money will be paid directly to you at closing. If it is a large sum, don't take chances-get to an attorney quickly

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Answered on 6/02/03, 3:25 pm

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