Q: I loaned my mother $43,000 @ 7% interest per annum secured by a promissory note, payable upon her death.
I loaned my mother $43,000 @ 7% interest per annum secured by a promissory note, payable upon her death.
The agreement between us was that her house would be use to pay the bulk of the note. When she died we were advised by the estate attorney that the Florida Homestead law would prevent me from getting money from the home to satisfy the note and the home would be divided 5 ways between the children.
The promissory note states “Each of us, weather maker, surety or endorser, hereby severally waive presentment and demand for payment and notice of non-payment and each of us waive all right of Homestead and exemption under the Constitution and Laws of Florida.”
I was wondering if this statement in the note applies after her death and could be used to allow me to have a claim against the house to satisfy the note?
Thanks for any replies
A: The short answer (and my legal advice) is to follow the correct advice given to you by the attorney probating your mother's estate because the estate attorney will fight you in court over this issue--using your mother's money.
Barry W. Kaufman agrees with this answer
A: Probably not. An agreement doesn't take precedence over a statute.
Justia Ask a Lawyer is a forum for consumers to get answers to basic legal questions. Any information sent through Justia Ask a Lawyer is not secure and is done so on a non-confidential basis only.
The use of this website to ask questions or receive answers does not create an attorney–client relationship between you and Justia, or between you and any attorney who receives your information or responds to your questions, nor is it intended to create such a relationship. Additionally, no responses on this forum constitute legal advice, which must be tailored to the specific circumstances of each case. You should not act upon information provided in Justia Ask a Lawyer without seeking professional counsel from an attorney admitted or authorized to practice in your jurisdiction. Justia assumes no responsibility to any person who relies on information contained on or received through this site and disclaims all liability in respect to such information.
Justia cannot guarantee that the information on this website (including any legal information provided by an attorney through this service) is accurate, complete, or up-to-date. While we intend to make every attempt to keep the information on this site current, the owners of and contributors to this site make no claims, promises or guarantees about the accuracy, completeness or adequacy of the information contained in or linked to from this site.
