Legal Question in Credit and Debt Law in Virginia

The scenario is as states...A collegue paid for past tax liens on a friends property and thus the friend is paying back on a per monthly basis. The Collegue then becomes mad at a certain situation and states that if my "friend" does not allow her to do something within my friends business that she will make the note due in full immediately..Is that legal or is that a threat of an illegal kind in the state of virginia?

I would greatly appreciate insight.

Asked on 12/21/09, 1:06 pm

1 Answer from Attorneys

Michael Hendrickson Law Office Michael E. Hendrickson

Unless the agreement includes conditions under which the loan could be

"called" as immediately due and that the borrower is othewise not in material

breach of this agreement, the loaner would have no valid basis for suddenly declaring "the note due in full immediately"(in my opinion).

Read more
Answered on 12/27/09, 9:08 am

Related Questions & Answers

More Credit, Debt and Collections Law questions and answers in Virginia