Loaned bucks to son to buy property, hold the notes

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    • #3731
      kiterunner62
      Participant

      I loaned my son $15th and $15th to purchase some property. I hold these notes. He is developing these properties. If something should happen to him, as I hold the notes, would I be considered “owner”?

    • #3738
      Lex
      Keymaster

      No, promissory notes alone would just make you an unsecured creditor. If the notes were secured by a mortgage, then you would be a secured creditor. In neither case would you be an “owner”.

      You could possibly become an owner if you foreclosed on a mortgage.

    • #3804
      kiterunner62
      Participant

      Sir:
      this is great! I appreciate so much.

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