My father and grandfather passed away a couple of years ago and I am trying to settle the estate.
Before my father passed away, he invested $40,000 dollars at 12% annual interest with the estate attorney handling my grandfather's estate. Since my father passed away, the estate has not collected any interest on the investment. According to the attorney who this investment was made with, the investment is in real estate and he makes money from the investment as well. Since he is also the estate attorney this makes me uncomfortable. I have been trying to collect the money and disburse it among the heirs so that the estate can be closed. Each time, the attorney has provided a different excuse for why he could not come up with the money. He has now sent me the following promissory note.
For Value Received, the undersigned, xxx, individually, does hereby promise to pay to the order of yyy for the estate of zzz, of Birmingham, Alabama, or at such other place as the Holder may, from time to time, designate, the principal sum of Forty Thousand and no\100 Dollars ($40,000.00), plus $25,000.00 return with the entire balance due and payable as follows:
$10,000.00 payable within ten (10) days following the execution of this note.An additional $20,000 payable each thirty days thereafter until the entire balance is paid.
It is further understood that this note is in lieu of and replaces that note executed February 5, 2004 but in no way does it satisfy the indebtedness until the entire amount is paid.
The undersigned further promises to pay a reasonable attorney's fees in the event that this Promissory Note is referred to an attorney for collection, together with court costs incurred in maintaining any action for the collection hereof.
The sum due hereunder is payable in coin or currency of the United States of America as at the time or payment shall be legal tender for the payment of public and private debts.
The terms of this Promissory Note shall not be varied, altered or modified, except by a writing signed by the party to be charged.
The undersigned hereby waives presentment for payment, protest and notice of protest and nonpayment of this Promissory Note. The undersigned hereby waives all rights of other process for the collection of debts under the Constitution or laws of the United States or of any State thereof.
There is a place for the attorney and I to sign. Can someone please tell me what this means? Does he agree to pay legal fees if I have to send this to collections? What does the last paragraph mean?
Before my father passed away, he invested $40,000 dollars at 12% annual interest with the estate attorney handling my grandfather's estate. Since my father passed away, the estate has not collected any interest on the investment. According to the attorney who this investment was made with, the investment is in real estate and he makes money from the investment as well. Since he is also the estate attorney this makes me uncomfortable. I have been trying to collect the money and disburse it among the heirs so that the estate can be closed. Each time, the attorney has provided a different excuse for why he could not come up with the money. He has now sent me the following promissory note.
For Value Received, the undersigned, xxx, individually, does hereby promise to pay to the order of yyy for the estate of zzz, of Birmingham, Alabama, or at such other place as the Holder may, from time to time, designate, the principal sum of Forty Thousand and no\100 Dollars ($40,000.00), plus $25,000.00 return with the entire balance due and payable as follows:
$10,000.00 payable within ten (10) days following the execution of this note.An additional $20,000 payable each thirty days thereafter until the entire balance is paid.
It is further understood that this note is in lieu of and replaces that note executed February 5, 2004 but in no way does it satisfy the indebtedness until the entire amount is paid.
The undersigned further promises to pay a reasonable attorney's fees in the event that this Promissory Note is referred to an attorney for collection, together with court costs incurred in maintaining any action for the collection hereof.
The sum due hereunder is payable in coin or currency of the United States of America as at the time or payment shall be legal tender for the payment of public and private debts.
The terms of this Promissory Note shall not be varied, altered or modified, except by a writing signed by the party to be charged.
The undersigned hereby waives presentment for payment, protest and notice of protest and nonpayment of this Promissory Note. The undersigned hereby waives all rights of other process for the collection of debts under the Constitution or laws of the United States or of any State thereof.
There is a place for the attorney and I to sign. Can someone please tell me what this means? Does he agree to pay legal fees if I have to send this to collections? What does the last paragraph mean?
