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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If you own real estate in your own name, then “Hello probate.”
Maybe you want probate. Maybe you want the court procedures involving a judge. But know that it usually means at least a year until your heirs get their money. And also know that significant attorney's fees will be part of the process.
A high-profile Omaha personal injury attorney passed away recently. He owned over two million dollars worth of Douglas County real estate in his own name. His estate is headed for county court. Again, maybe that's what he wanted. But my view is that his heirs would have been better served with a revocable living trust. It's quicker and the attorney's fees to administer the estate are way less. ...
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