Legal Question in Credit and Debt Law in Minnesota

Does a notorized IOU with equal value collateral to borrowed money hold up in court?

Asked on 11/22/16, 6:55 pm

1 Answer from Attorneys

David Anderson Anderson Business Law LLC

A properly signed and dated written IOU , whether or not notarized, will be given binding authority in an action to enforce the debt.

However, to enforce a Security Agreement ( vs. Collateral) , you will need to comply with Minnesota Law and the Uniform Commercial Code in order to secure your right to seize ( usually via Court Action) and sell the Collateral to satisfy the unpaid debt.

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Answered on 11/23/16, 2:15 am

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