Ask a Lawyer - Archive

I ventured in a business deal with a gentleman in 2008. He since closed his office because he had a stroke. I have a promissory note signed by him. The note expires 12-31-09. I understand that he is ill and unable to work right now, but I also know that he owns his house, he put the house in a trust and that he is the trustee of the trust. My question is do I meet with him to sign another promissory note. Or go after his house?

There is a bit left to speculation here. Presumably when you say the note "expires" on 12-31-09 you mean it becomes all due and payable. Your sympathy for the promisor is understandable, but you may be giving up rights you have to enforce the current note if you negotiate a new deal with him. You don't say if you have any collateral for the note. If not, maybe he would give you a lien on his house in consideration of your negotiating a new note and not taking action to sue him for failing to pay on the old note. Other alternatives may exist, as well. You really should go see a lawyer about this so that you can make an informed decision on which remedy or remedies you may want to pursue. Do it right away since you may lose some of your rights if you wait too long or if you negotiate a new deal without the advice of counsel.