Asked in @US
Aug. 16, 2010
, 0 answers
What Kind of Promissory Note Doesn't Charge Interest and Payment is Due in Full Upon an Event?
My husband and I will be loaning our sister in law some money to help her pay off her mortgage. We reside in California, she resides in Nevada. The loan will not have interest applied to it. The collateral will be the manufactured home she lives in. The total amount of the loan will be due upon her death or upon the sale of her home whichever occurs first. Will a promissory note handle this transaction and if so which one since there are two states involved? Another stipulation in the loan will be that if my husband and I both pass away before my sister in law, the loan will still be due and payable to our trust.Thank you for any assistance you can give me.
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