Posted by Jack Mark on September 27, 2006 at 22:26:05:
I can see some problem in a legal agreement where a funder lends one money with the Note forming the back up kind of security.
What happens if the borrower (us) goes broke. In that situation the funder becomes just one of several people being owed money and therefore may not receive 100% of the money he was expecting under the terms of the agreement.
How can one overcome such an objection by a would be funder ?
No doubt others have solved this kind of problem by the wording in the agreement.
No need to re-invent the wheel I guess, so are sample legal agreements available somewhere ?
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