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Re:secure a promissory note (0 viewing) 
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TOPIC: Re:secure a promissory note
#4743
Church Mouse (Visitor)

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secure a promissory note 9 Years, 11 Months ago  
I have lent about $40,000 to my ailing print shop over the last 4 years. Now i am in jeopordy of other creditors coming and liening my property and business. My question is how do i protect the loan i paid to the company? Can i get paid back before the other creditors since i also lent money to the company?
 
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#4756
Brian (User)
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Re:secure a promissory note 9 Years, 11 Months ago Karma: 1  
Church mouse, i would prepare a secured promissory note, security agreement and file a UCC filing statement on the trade fixtures. The promissory note is just an agreement to pay back the debt. The security agreement just says that the corporation will guarantee the payment in the note with certain property. And the UCC - 1 statement puts notice to all creditors of a prior secured interest in the property.

If i were you i would prepare and file the documents to try and secured your loan receivable. Do you need an attorney? What state are you in?
 
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#4773
Church Mouse (Visitor)

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Re:secure a promissory note 9 Years, 11 Months ago  
Brian, thanks for the advice. I am in Grand Rapids MI. Approximately how much would this run to prepare the promissory note, security agreement and UCC statement? It looks like only the UCC statement is filed. Can i just do that or do i need to prepare the other documents>?
 
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