So, long story short, this company owes me money. They are past due in paying it. I have a Promissory Note they drafted and want me to sign. My brother in law says he doesn't see anything wrong with it. The issue is I haven't received funds and they want me to sign this before they wire any money. Please read it in its entirety and let me know what you all think.

'The Lender hereby acknowledges receipt of the full payment of the Promissory Installment Note
dated January 3, 2013 as amended by “Amendment to Promissory Note” dated July 16, 2013 in
the principal loan amount of $30,000 (Thirty thousand and no/100 dollars) as well as receipt of
full payment of all interest due in the amount of $15,000 (fifteen thousand and no/100 dollars).
The Lender therefore releases the Borrower(s) from all obligations under this Note and this
release shall be binding upon the Lender's successors, legal representatives and assigns.
The Lender warrants that the Note referenced has not been assigned, ceded, transferred or sold
to a third party and warrants his / her authority as Note holder to issue this Promissory Note
Release. Upon acceptance of these funds into your account, Lender hereby releases NovaFin,
LLC of all obligations relating to any and all agreements relating to this loan. Additionally
release NovaFin LLC it's officers and representatives from any liability of and relating to the
payment of said loan.
A facsimile signature shall be treated in all respects as having the same effect as an original
handwritten signature.
Signed on this 17th day of September, 2013.'

My issue with this is that it says I acknowledge receipt. I have not received anything yet. My brother in law says that it's okay because in the 2nd paragraph it says upon acceptance of the funds.

thx.

The Lender hereby warrants,

1. Effective upon receipt of the full payment of the Promissory Installment Note dated January 3, 2013 as amended by “Amendment to Promissory Note” dated July 16, 2013 in the principal loan amount of $30,000 (Thirty thousand and no/100 dollars) and

2. Upon further receipt of full payment of all interest due in the amount of $15,000 (fifteen thousand and no/100 dollars), that,

3. The Lender shall therefore releases the Borrower(s) from all obligations under this Note and,

4. This release shall be binding upon the Lender's successors, legal representatives and assigns.

The Lender further warrants that the Note referenced has not been assigned, ceded, transferred or sold to a third party and warrants his / her authority as Note holder to issue this Promissory Note Release.

Upon acceptance of these funds into Lender's account,

1. Lender shall have released NovaFin, LLC of all obligations relating to any and all agreements relating to this loan and,

2. Lender shall have released officers and representatives of Novafin, LLC from any liability of and relating to the payment of said loan.

A facsimile signature shall be treated in all respects as having the same effect as an original handwritten signature.

Signed on this 17th day of September, 2013.

Above are my suggested changes. I don't like how their second paragraph changed its language suddenly to "your" and introduced poor English "release NovaFin LLC it's officers" (???).

All of the above, BTW, I am not a lawyer and am not qualified to give official legal advice. ;)

don't sign this until you have received payment in full.

I AGREE WITH ATRYN. FOR THE AMOUNT OF MONEY YOU'RE TALKING ABOUT, I WOULDN'T EVEN CONSIDER SIGNING THAT WITHOUT FORKING OUT THE CASH TO HAVE MY OWN LAWYER REVIEW IT FIRST. UNLESS THEY WERE HANDING ME A STACK OF CASH AS I WAS SIGNING.

THIS COMPANY HAS ALREADY SHOWN THAT THEY ARE EITHER DISHONEST OR JUST IRRESPONSIBLE BY NOT PAYING YOU.. I WOULDN'T TRUST THEM ANY FURTHER THAN I COULD THROW THEM. THEY BUILT UP 15K INTEREST ON A 30K DEBT?? HOW OVERDUE IS THIS?

I AGREE WITH ATRYN AND H4X0R (THE FLAILING CHICKEN! :D)

I AM NEITHER A LAWYER NOR ACCOUNTANT, BUT I PERSONALLY WOULD NOT SIGN SOMETHING SAYING I ACKNOWLEDGE RECEIPT IF I HAVE NOT IN FACT RECEIVED. WITH THAT AMOUNT OF MONEY ON THE LINE, IT IS PROBABLY WELL WORTH IT TO CONSULT WITH AN ATTORNEY. PROB COST YOU A FEW HUNDRED BUCKS BUT COULD SAVE YOU GETTING TAKEN FOR A RIDE!

BILL
CHIEF NON-LEGAL COUNSEL
THE MIGHTY CLAN [DANGER]!

OH AND I GUESS I AGREE WITH SAM TOO. HA!

Spend the 2-500 bucks and have a lawyer look it over.

LOL

If you rely on legal advice from strangers on AT over $30,000 instead of spending a few hundred on a lawyer, yer gonna have a bad time.

BUT WE'VE ALL ADVISED HIM TO PAY A LAWYER, TRIFE!

THEREFORE, IPSO FACTO, YOU STILL SMELL LIKE TINKLE!

Bonus

Well, its fairly standard - if you sue them they are going to have to prove they paid you, regardless of what this thing says. I'm curious, was this a loan or payment for services rendered? If you have an existing contract, nothing in here appears to void the pre-existing contract. I'm not a lawyer, but I do spend a fair bit of time chasing invoices down.

Their concern is that you may have already sold this to a collection agency, which could subject them to having to chase you down for the money that the collection agency will be chasing them down for after you gave up chasing them for the money to begin with. Yeah, fun times.

Get a lawyer and slap a lein on their pimply asses.

Thx guys, I appreciate it.

This was just one of those situations where you think you're right, but people are telling you you are not right and you second guess yourself.

General rule: Never ever ever EVER sign anything that says 'I received money' until you actually have the said amount in your hot little hand. ;)

I'm still waiting for the check you owe me.

>:}

Cheque? What cheque??? *shifty eyes*

SO WHAT? THAT DOESN'T MEAN I CAN'T HOP ABOARD THE 'YOU ARE A DUMMY, OP' TRAIN!!!

YOUR MOTHER WAS A HAMSTER AND YOUR FATHER SMELT OF ELDERBERRIES!

Wait just a minute. Did you just fart in his general direction? Because I think that might be a banning offense (depending on what you had for dinner)...

MY POOTS SMELL LIKE LAVENDER!

WHAT IS SAID ABOVE!

Signing anything that says you acknowledge having received something means that you have received it. To go back in court and then say that you have not received the money would mean that you were either lying then or lying now.

I suspect you've already made up your mind, but don't sign it.

If they want you to sign something that says you still own that note, then it should say something along the lines, "The lender hereby acknowledges that they retain ownership of the note and/or are acting on behalf of the owners of the note."

Short, sweet, and simple. Something that they could then have and be able to use against someone if they needed to sue them for fraud.

This is taken care of. I changed the language to say upon receipt and signed it. The story finally comes with a happy ending.

I loaned money to a 'friend' for his business, and he promised to pay it back within a certain period or he would pay 50% interest. He failed to meet the deadline, and we had a contract so I enforced it.

We are no longer friends.