Often times there are apparent attempts to modify loan agreements (e.g., promissory notes, repayment contracts, purchase agreements, etc.) orally. This is especially true with promissory notes or mortgages when the debtor/paying party requests more time to make payments. In Missouri, however, oral modifications to credit agreements are not valid unless they are in writing. Section…
Legal Articles
Assignments: Deeds, Contracts, Accounts, Promissory Notes, Successor in Interest
Many times contracts, promissory notes, deeds or other accounts are sold and transferred to other individuals or entities. After such transfer, proof of an assignment/transfer of the underlying instrument is essential in the event that a suit is filed to enforce the instrument. Korte Costr. Co. v. Deaconess Manor Ass’n, 927 S.W.2d 395, 404 (Mo. Ct. App….
Promissory Notes: Enforcement, Assignment, Ownership
Promissory cover many financial transactions, including mortgages and many types of commercial loans. In order for a plaintiff to prevail on a claim for breach of promissory note, the plaintiff must prove, among other things, that there is a (1) valid promissory note, (2) signed by the maker/debtor and that there (3) is an outstanding…
Equitable Contribution: Promissory Notes, Contracts, Guarantees
Contribution is an equitable remedy that often arises between co-debtors. While contribution may generally applies where one or more individuals shares a common burden, the focus here is on a common between co-debtors/co-guarantors. Missouri District Telegraph Co. v. Southwestern Bell Telephone Co., 93 S.W.2d 19, 23 (Mo. 1935). Contribution is grounded in case precedent. Commercial Union Insurance…
Promissory Notes, Capacity to Sue
To recover on a promissory note, the plaintiff must generally (1) produce the note (2) signed by the maker and (3) show the balance due. Affiliated Acceptance Corp. v. Boggs, 917 S.W.2d 652, 656 (Mo. Ct. App. 1996). The plaintiff must either present the promissory note or sufficient evidence that it has been lost or destroyed. Id. As…
Business Investment Contracts
It’s a perfect match. Investors are always looking to make money and take part in new business ventures. Business owners are looking to expand and acquire capital to accomplish their goals. At some point, the two will connect and will address the issue of Debt and Equity Financing for Businesses. Equity financing is where a…