PLEASE NOTE: Our standard practice regarding payment of our bills is to direct clients to our website for payment or to have them mail checks to our office.  If you receive a suspicious phone call or email, please hang up and/or do not respond and contact us directly at 410 263-3131.

New Clients 410.263.3131

221 Duke of Gloucester Street PO Box 668 Annapolis, MD 21404

Ask An Attorney: Promissory Notes

 I have been asked by a family member to lend them some money. Should I?

Frequently, we are approached with this question. Although we can’t answer the ultimate question, as that is an existential one, we can help protect the family unity. First, only lend if you are prepared to lose the money. Secondly, if you decided to lend, make sure there is absolute clarity about the terms. Simply: reduce the terms to written form. There are many forms for “promissory notes” on the internet. Get one- use it. And before you lend, consider this: would you be willing to act on a defaulted note?