A matter recently came across my desk and it highlights why - even in the simplest legal matters - it is the smart to hire a lawyer.
Twenty years ago a guy lends a significant amount of money to a "friend." A promissory note is signed. Within the note, the friend offers collateral of his partnership interest in two very valuable commercial buildings in Omaha.
The problem? The lender didn't perfect his security interest in the collateral.
Result? Debtor sells his partnership interest in the two buildings and lender doesn't get paid. The note remains unpaid to this day.
If the creditor had perfected his security interest, he would ...
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The Danger of DYI legal work
A matter came across my desk recently. It was a "promissory note" downloaded off of the internet.
I put the term "promissory note" in quotes because while it was labeled a note, it wasn't.
A promissory note - in order to be a note and become negotiable - has to include the magic words "pay to the order of" or "pay to order of Bearer."
That sounds silly, but it is essential. Without the magic words, the payee can't sell or assign the note.
Another requirement is that the note has to have a payoff date. This "note" didn't have that either.
The worst aspect of this "note" was that there was no acceleration clause. What this means ...
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DDB argues in the Nebraska Supreme Court
https://supremecourt.nebraska.gov/video-arguments-05-25-2022
Begins at 37:30 ...
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