Receiving payoff of promisory note
The person who bought my business wants to pay off the remaining amount of his promisory note.It is a large amount of money. I have received notification from him and his law firm. Is it really necessary for me to have a lawyer as well? Why would I need one in this situation?
Asked on 8/01/04, 6:49 am
1 Answer from Attorneys
Dan Brady
Brady, Nordgren, Klym & Morton, PLLC
Re: Receiving payoff of promisory note
I don't think that you need an attorney so long as the note does not prohibit an early payoff and you are confident in your ability to compute the payoff. You should anticipate a significant tax consequence for the pre payment.
Answered on 8/03/04, 11:05 am
