My question involves collection proceedings in the State of: California
My business partner/spouse and I have each individually made several personal loans to our business documented in multiple promissory notes. I am concerned about the future of the business and the health of my husband. He refuses to discuss a will. He has grown children and I am concerned that if something should happen that the business will be unable to repay the full amount of my promissory notes if assets are divided up between family members. He has always said that he would pay me back first before paying himself but this is an oral agreement only. I have asked to be repaid now but he said the funds are not available right now. He has agreed to subordinate his promissory notes to mine in writing. I have been unable to locate an addendum that he can sign and have notarized subordinating his promissory notes to mine so that I will be paid before assets start being divided up amongst his children. Can you help please?
My business partner/spouse and I have each individually made several personal loans to our business documented in multiple promissory notes. I am concerned about the future of the business and the health of my husband. He refuses to discuss a will. He has grown children and I am concerned that if something should happen that the business will be unable to repay the full amount of my promissory notes if assets are divided up between family members. He has always said that he would pay me back first before paying himself but this is an oral agreement only. I have asked to be repaid now but he said the funds are not available right now. He has agreed to subordinate his promissory notes to mine in writing. I have been unable to locate an addendum that he can sign and have notarized subordinating his promissory notes to mine so that I will be paid before assets start being divided up amongst his children. Can you help please?
to Make a Promissory Note Addendum to Subordinate the Note
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