Legal Articles

Oral Agreements to Modify, Postpone Debt Payments

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…

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….

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…

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…

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