Ad Majorem.....
Almost all are not competent to lend. especially to friends and relatives. Most borrowings from them are intended to be doleouts. If you are to lend: please remember the following:
l. A postdated check is not a collateral. If you must sue on a PDC under BP 22, you must spend fortunes on the legal proceedings.
2. If you must lend substantial amount you must have a security/bond for the loan:
l. A loan agreement;
2. A collateral agreement: mortgage, chattel mortgage, sale with repurchase agreement, bond agreement, insurance, deed of assignment.
3. A Promissory note. NO PN, NO LOAN.
4. Acknowledgement receipt, OR of the loan proceeds, no ar, no proof of loan. Please remember these important points. or else....
Almost all are not competent to lend. especially to friends and relatives. Most borrowings from them are intended to be doleouts. If you are to lend: please remember the following:
l. A postdated check is not a collateral. If you must sue on a PDC under BP 22, you must spend fortunes on the legal proceedings.
2. If you must lend substantial amount you must have a security/bond for the loan:
l. A loan agreement;
2. A collateral agreement: mortgage, chattel mortgage, sale with repurchase agreement, bond agreement, insurance, deed of assignment.
3. A Promissory note. NO PN, NO LOAN.
4. Acknowledgement receipt, OR of the loan proceeds, no ar, no proof of loan. Please remember these important points. or else....
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