I am helping a friend out in purchasing an expensive camera and lens for his business. He doesn't have the money to purchase both immediately so he asked me if I can purchase it for him with the promise that he will pay me back through weekly installments over a period of 10 weeks. I just want to know what type of legal document I can write to proceed and if there is a template available online.
You need a well drafted promissory note and some security. File a UCC1. Unless you are wiling to kiss this money goodbye-- pay to have this done right.
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Most folks would likely call it a "contract." Many are available online, but, one size does not fit all. An attorney can help OR a nice "Nolo Press" book could be helpful? Good luck with it.
You should have your friend sign a promissory note to you, and you should take a lien on the camera as security for the repayment of that note. You should be able to find some basic forms online, but at least have an attorney review the final product you intend to use if you do it online. Otherwise, an attorney can prepare the necessary documents for you at a reasonable cost.
I agree with Ms. Straus, Search Results
A UCC-1 financing statement (an abbreviation for Uniform Commercial Code-1) is a legal form that a creditor files to give notice that it has or may have an interest in the personal property of a debtor (a person who owes a debt to the creditor as typically specified in the agreement creating the debt). Best of luck.
This response will not create an attorney-client relationship between you and The Law Office of Anthony Munoz, and is not intended to serve as a legal advice in your specific circumstances. This response is a legal opinion based solely on facts represented and you should not rely on this legal opinion as a legal advice. You still need to consult an attorney directly to fully protect your legal rights.
He should be putting up some of the money. Otherwise, you should buy it as YOUR camera, until he gets a job that you should get paid in FULL from THAT first job, or 2 jobs if that's what it takes, which you will lend him the camera for the job for that 1 or 2 days, but expect full payment with the first jobs (this would all be documented in a contract). If he doesn't have any money, he won't have any money to make YOUR payments which will become last priority, after his other living expenses, which he will say he has to pay; that is why you should document this way. i promise you , you will not be paid in 10 weeks. Sorry but that is generally what always happens. Try your payment to his first and second jobs.
The foregoing is for informational purposes only and may not be relied on as attorney-client advice.
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