What points are relevant to fight a $4000 unsecured promissory note, where no money was exchanged?

4 views 1 answers
In 2011 my Uncle signed as a cosigner (his idea) on a vehicle loan. After the vehicle was in my possession, my Uncle coerced me into signing an unsecured promissory note that stated upon receiving my 2011 tax refund I would give him $4000 towards our vehicle loan. Please note - the CEO of the bank who took our loan is very good friends with my Uncle outside of business. My Uncle is a suave talker and made a point that if I didn't do this - he would have to reconsider his signing. Nothing has mentioned about it until about a month ago. The point is - no money was loaned to me or exchanged. My payments are ahead. He has done nothing but harass me for three years about the vehicle. His concern is being the cosigner and has told me I Have to replace his name or he would sue me. He is suing me

Attorney Answer

1
Michael Bruno ·
To be valid the promissory note should state what you received as consideration for the promise to pay. There may be something in the promissory note that makes it invalid - however - you signed a contract of your own free will. You could try to argue unconscionability but would likely be unsuccessful. What is he suing you for? Failure to remove his name from the loan or enforcement of the promissory note?
0 upvotes