UnSigned Prommisory Note

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nope

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Jurisdiction
Ohio
Hello,

I have the above from a partner 13 years ago. I was the bank for a house flipping project. I was out of town when the finished house was sold. My partner took ALL the sale money and paid off all his credit cards. When I showed up he "said" all his credit card credit was yanked, and he couldn't pay me back. I was furious. And I told him to do something or I would. So he made a Promissory note to pay off what he owed me at a paltry amount of $900/ month at 8% interest. The note to be paid off from the proceeds of his home when he ever sold it. I was furious and he insisted that he was a turnip with huge debt on his house. And that is the way it's been for 13 years. Nobody signed the dang thing and we both held our breath. Me getting $900/mth to keep me from filing criminal charges. I threatened embezzlement and everything to put the fear of God into him and his whole family.

Now after 13 years he still owes a ton of cash on the note. And his house value has more than tripled. I accidentally found out his house is "pending" for sale. I confronted him and he claims he owes me nothing and he threw the note away long ago because it was unsigned. I have my copy and the terms and tie to his sale home are crystal clear. He said so what. I didn't tell him any more other than to say he's a crook and I believe he scammed me on the first house sale, and I would be doing something about this house sale. Then he stopped and said if I messed up the sale then nobody wins. He said he might be willing to throw me a bone if I back off. I walked away.

I called the country recorder and they said they don't record Promissory notes. And especially those not notarized. I have 13 years of monthly envelopes with dates and $900 written on them. Proof his handwriting was making monthly payments of cash. He obviously has bank records that could also back up the payments. Additionally, I am named on a life insurance policy that I made him get to pay me my money in the event he dropped dead. So I think I have plenty of proof that this note is not fictitious.

I know that Oral agreements are enforceable. This is more. But there is that turnip factor. If he gets all the sale cash in his hands, it is likely to vanish somewhere real quick. So, what can be done other than busting the sale, can I do to keep from getting ripped off twice?

Thank you.
 
Me getting $900/mth

So...for the past 13 years (since roughly December 2010), you've received $900 every month (approximately $140,400)?

What is the total principal amount to be repaid according to the unsigned note?


I have 13 years of monthly envelopes with dates and $900 written on them. Proof his handwriting was making monthly payments of cash.

Huh? Are you saying that he sent you cash through the mail AND that he wrote on the envelopes that they contained money?


He obviously has bank records that could also back up the payments.

Not if they were made with cash.


Additionally, I am named on a life insurance policy that I made him get to pay me my money in the event he dropped dead.

Have you contacted the insurer to make sure the policy is still in force?


what can be done other than busting the sale, can I do to keep from getting ripped off twice?

It sounds like you have enough evidence to prove the debt, but here's the problem: If the note required him to make $900 monthly payments, with the balance to be paid from the sale of his home, and if he has made all of the monthly payments as agreed, then he's not in breach, and you have nothing to sue for.

Because you failed to document the debt properly and secure the obligation against the debtor's home, you have no legal way of interfering with the sale. All you appear to have is a suspicion that you won't get paid from the sale as agreed, but that's legally meaningless. If the facts are not as they appear from your explanation, then my conclusions might change.
 
So...for the past 13 years (since roughly December 2010), you've received $900 every month (approximately $140,400)? Yes

What is the total principal amount to be repaid according to the unsigned note? $134,400. His house is pending at $350,000. About 3 times what it was 13 years ago.




Huh? Are you saying that he sent you cash through the mail AND that he wrote on the envelopes that they contained money? We work at the same factory so he handed me an envelope of cash every month for 13 years.




Not if they were made with cash. He withdrew the cash from his accounts with envelopes from his bank. I even got a bank account at the same bank so he could make direct deposit. But he eventually declined to do that.




Have you contacted the insurer to make sure the policy is still in force? Im sure the insurance policy lapsed long ago. But I have the paperwork naming me. It's just more proof all this happened.




It sounds like you have enough evidence to prove the debt, but here's the problem: If the note required him to make $900 monthly payments, with the balance to be paid from the sale of his home, and if he has made all of the monthly payments as agreed, then he's not in breach, and you have nothing to sue for. Yea, I can't sue now, but what can I do to safeguard my payoff? He owes me the next $900 payment in 2 weeks.

Because you failed to document the debt properly and secure the obligation against the debtor's home, you have no legal way of interfering with the sale. All you appear to have is a suspicion that you won't get paid from the sale as agreed, but that's legally meaningless. If the facts are not as they appear from your explanation, then my conclusions might change. Well he told me he owes me nothing because the note is unsigned and he threw it away. So it is more than suspicion. I just now need to get him on tape recorder saying more things to help me. It is crystal clear he is looking to skip out of this note in some way. That is why I am fishing for options. I will likely need a lawyer to clamp down, but I want to know more so I can get a lawyer to proceed in the most efficient direction.
 
Yea, I can't sue now, but what can I do to safeguard my payoff? He owes me the next $900 payment in 2 weeks.

You can't do anything.

If he doesn't pay, you sue.

But there's another problem. You don't have an enforceable acceleration clause so you'll only be able to sue for the one payment.

I will likely need a lawyer to clamp down, but I want to know more so I can get a lawyer to proceed in the most efficient direction.

More of what? You pretty much have all you are going to get from strangers on the internet.
 
I have the above from a partner 13 years ago. I was the bank for a house flipping project. I was out of town when the finished house was sold. My partner took ALL the sale money and paid off all his credit cards.


The Meaning and Origins of 'Neither a Borrower Nor a Lender Be'?
By Dr Oliver Tearle (Loughborough University)

'Neither a borrower nor a lender be' is a well-known proverbial expression which means 'do not borrow anything from anyone, and don't lend anyone anything either'. But should such a sentiment be taken seriously? Or should we take the expression, and the sentiment it expresses, with a pinch of the (proverbial) salt?

Let's take a closer look at the origins of 'Neither a borrower nor a lender be' in one of the greatest works of English literature: William Shakespeare's Hamlet.

'Neither a borrower nor a lender be' is a line uttered by Polonius, a councillor to the King, Claudius, in Act 1 Scene 3 of the play. He is bidding farewell to his son, Laertes, who is leaving Denmark for France. Polonius, like any concerned parent, gives his son some advice before the young man leaves home:

Give every man thy ear, but few thy voice;
Take each man's censure, but reserve thy judgment.
Costly thy habit as thy purse can buy,
But not express'd in fancy; rich, not gaudy;
For the apparel oft proclaims the man,
And they in France of the best rank and station
Are of a most select and generous chief in that.
Neither a borrower nor a lender be;
For loan oft loses both itself and friend,
And borrowing dulls the edge of husbandry.
This above all: to thine ownself be true,
And it must follow, as the night the day,
Thou canst not then be false to any man.
Farewell: my blessing season this in thee!

Note the see-saw two-part structure to many of these nuggets of paternal advice: listen to everyone … but keep quiet yourself in most situations; let other people tell you off … but resist the urge to judge others; wear clothes that are expensive-looking … but not too ostentatious.

And then, one of the most famous pearls of wisdom among a veritable necklace of the stuff: 'Neither a borrower nor a lender be'. Don't borrow money from someone, but don't lend money to someone else, either.

Why? Because often when you lend a friend money, they don't ever pay it back, and as a result you fall out with them ('For loan oft loses both itself and friend'). So you shouldn't lend money. And you shouldn't borrow it from others, because this undermines your ability to keep your household in order and balance the account-books ('And borrowing dulls the edge of husbandry').

'Husbandry' here doesn't mean spousal duties specifically, but keeping one's house (the 'hus' of 'husband'), especially in economic terms. Of course, traditionally the responsibility for ensuring that all household bills were paid and generally managing the finances fell to the man of the house, hence 'husband'.

Indeed, the word 'economy' is itself ultimately derived from the Greek meaning 'house management', showing how the home and money were often closely intertwined (and highlighting that 'home economics' is, from an etymological perspective, something of a tautology).

Polonius' advice to his son seems sound enough, but did Shakespeare intend it to be taken at face value?

Polonius' role in Hamlet is sometimes described as 'Lord Chamberlain'. It is thought that the actor John Heminges was the first to play the role of Polonius in the play's original production in late-Elizabethan England, in around 1601. Heminges, along with Henry Condell, would compile and publish the famous First Folio of Shakespeare's plays in 1623, after the Bard's death.

Traditionally, in theatre companies the roles of Polonius and the Gravedigger (from the famous 'Yorick' scene) have been taken by the same actor, because by the time the Gravedigger comes into the play, Polonius (spoiler alert) has been dispatched by Hamlet after the Prince mistook Polonius for Claudius behind the arras and stabbed him.

Given the Gravedigger is an unquestionably comic role in the play, does this mean Heminges was a comic actor, and Polonius a character designed to be played 'for laughs'?

Polonius may be Lord Chamberlain and a councillor to the King of Denmark, but he is nevertheless a fool and a windbag who will never use one word when five might suffice. But he's also a schemer and an important member of the royal court of Elsinore. In these two sentences, we have the key to the character of Polonius.

Like Hamlet with his feigned madness (and his very real mental and emotional affliction, occasioned by his father's death – which he later finds out was murder – and his mother's remarriage to his uncle, Claudius), Polonius is playing a part, at least in part. We cannot be entirely sure how much of his long-windedness is an affectation to conceal his more cunning plotting behind the scenes.

And Polonius is also a key part of the play's comic relief. He is a fool, but he is not the Fool – the 'Fool' or Clown character in many of Shakespeare's plays, perhaps most famously King Lear, who speaks in riddles in order to expose the truth. Polonius is too unimaginative to see the truth.

Some of the most famous lines from the play – 'To thine own self be true' and 'Neither a borrower nor a lender be' – are often quoted approvingly by people as genuine advice, people who often don't realise that Shakespeare gives these sentiments to a pompous buffoon with little self-awareness, who can happily criticise the Players for performing speeches that are 'too long' while he himself cheerfully prattles on.

He is the character who proclaims, 'Brevity is the soul of wit', but in being about as brief as a Wagner opera, inadvertently reveals himself to be signally lacking in wit.

'Neither a borrower nor a lender be', then, can be interpreted both as sound advice and as overly cautious nonsense from a character well-known for liking the sound of his own voice.


The Meaning and Origins of 'Neither a Borrower Nor a Lender Be'? – Interesting Literature




Poster's note: Unless you're playing the board game, Monopoly, (or you're a billionaire) never play the role of banker in real life.
Why? You're living that nightmare, mate.

savefriendship.jpg 7627f746578c712209d0ff79bfeb9e6e-1710248018.jpg 99-poor-meme-1776462120.gif
 
As long as we are in a literary frame of mind, Rudyard Kipling admonishes us to avoid going into business with anybody else unless we are smarter and more ruthless than they are.

The Winners

What is the moral ? Who rides may read.
When the night is thick and the tracks are blind,
A friend at a pinch is a friend indeed;
But a fool to wait for the laggard behind
Down to Gehenna, or up to the Throne,
He travels the fastest who travels alone.

White hands cling to the tightened rein,
Slipping the spur from the booted heel,
Tenderest voices cry, "Turn again,"
Red lips tarnish the scabbarded steel,
High hopes faint on a warm hearth-stone
He travels the fastest who travels alone.

One may fall, but he falls by himself
Falls by himself, with himself to blame;
One may attain, and to him is the pelf,
Loot of the city in Gold or Fame
Plunder of earth shall be all his own
Who travels the fastest, and travels alone.

Wherefore the more ye be holpen and stayed,
Stayed by a friend in the hour of toil,
Sing the heretical song I have made
His be the labour, and yours be the spoil.
Win by his aid, and the aid disown
He travels the fastest who travels alone.
 
The Meaning and Origins of 'Neither a Borrower Nor a Lender Be'?
By Dr Oliver Tearle (Loughborough University)

'Neither a borrower nor a lender be' is a well-known proverbial expression which means 'do not borrow anything from anyone, and don't lend anyone anything either'. But should such a sentiment be taken seriously? Or should we take the expression, and the sentiment it expresses, with a pinch of the (proverbial) salt?

Let's take a closer look at the origins of 'Neither a borrower nor a lender be' in one of the greatest works of English literature: William Shakespeare's Hamlet.

'Neither a borrower nor a lender be' is a line uttered by Polonius, a councillor to the King, Claudius, in Act 1 Scene 3 of the play. He is bidding farewell to his son, Laertes, who is leaving Denmark for France. Polonius, like any concerned parent, gives his son some advice before the young man leaves home:

Give every man thy ear, but few thy voice;
Take each man's censure, but reserve thy judgment.
Costly thy habit as thy purse can buy,
But not express'd in fancy; rich, not gaudy;
For the apparel oft proclaims the man,
And they in France of the best rank and station
Are of a most select and generous chief in that.
Neither a borrower nor a lender be;
For loan oft loses both itself and friend,
And borrowing dulls the edge of husbandry.
This above all: to thine ownself be true,
And it must follow, as the night the day,
Thou canst not then be false to any man.
Farewell: my blessing season this in thee!

Note the see-saw two-part structure to many of these nuggets of paternal advice: listen to everyone … but keep quiet yourself in most situations; let other people tell you off … but resist the urge to judge others; wear clothes that are expensive-looking … but not too ostentatious.

And then, one of the most famous pearls of wisdom among a veritable necklace of the stuff: 'Neither a borrower nor a lender be'. Don't borrow money from someone, but don't lend money to someone else, either.

Why? Because often when you lend a friend money, they don't ever pay it back, and as a result you fall out with them ('For loan oft loses both itself and friend'). So you shouldn't lend money. And you shouldn't borrow it from others, because this undermines your ability to keep your household in order and balance the account-books ('And borrowing dulls the edge of husbandry').

'Husbandry' here doesn't mean spousal duties specifically, but keeping one's house (the 'hus' of 'husband'), especially in economic terms. Of course, traditionally the responsibility for ensuring that all household bills were paid and generally managing the finances fell to the man of the house, hence 'husband'.

Indeed, the word 'economy' is itself ultimately derived from the Greek meaning 'house management', showing how the home and money were often closely intertwined (and highlighting that 'home economics' is, from an etymological perspective, something of a tautology).

Polonius' advice to his son seems sound enough, but did Shakespeare intend it to be taken at face value?

Polonius' role in Hamlet is sometimes described as 'Lord Chamberlain'. It is thought that the actor John Heminges was the first to play the role of Polonius in the play's original production in late-Elizabethan England, in around 1601. Heminges, along with Henry Condell, would compile and publish the famous First Folio of Shakespeare's plays in 1623, after the Bard's death.

Traditionally, in theatre companies the roles of Polonius and the Gravedigger (from the famous 'Yorick' scene) have been taken by the same actor, because by the time the Gravedigger comes into the play, Polonius (spoiler alert) has been dispatched by Hamlet after the Prince mistook Polonius for Claudius behind the arras and stabbed him.

Given the Gravedigger is an unquestionably comic role in the play, does this mean Heminges was a comic actor, and Polonius a character designed to be played 'for laughs'?

Polonius may be Lord Chamberlain and a councillor to the King of Denmark, but he is nevertheless a fool and a windbag who will never use one word when five might suffice. But he's also a schemer and an important member of the royal court of Elsinore. In these two sentences, we have the key to the character of Polonius.

Like Hamlet with his feigned madness (and his very real mental and emotional affliction, occasioned by his father's death – which he later finds out was murder – and his mother's remarriage to his uncle, Claudius), Polonius is playing a part, at least in part. We cannot be entirely sure how much of his long-windedness is an affectation to conceal his more cunning plotting behind the scenes.

And Polonius is also a key part of the play's comic relief. He is a fool, but he is not the Fool – the 'Fool' or Clown character in many of Shakespeare's plays, perhaps most famously King Lear, who speaks in riddles in order to expose the truth. Polonius is too unimaginative to see the truth.

Some of the most famous lines from the play – 'To thine own self be true' and 'Neither a borrower nor a lender be' – are often quoted approvingly by people as genuine advice, people who often don't realise that Shakespeare gives these sentiments to a pompous buffoon with little self-awareness, who can happily criticise the Players for performing speeches that are 'too long' while he himself cheerfully prattles on.

He is the character who proclaims, 'Brevity is the soul of wit', but in being about as brief as a Wagner opera, inadvertently reveals himself to be signally lacking in wit.

'Neither a borrower nor a lender be', then, can be interpreted both as sound advice and as overly cautious nonsense from a character well-known for liking the sound of his own voice.


The Meaning and Origins of 'Neither a Borrower Nor a Lender Be'? – Interesting Literature




Poster's note: Unless you're playing the board game, Monopoly, (or you're a billionaire) never play the role of banker in real life.
Why? You're living that nightmare, mate.

View attachment 4486 View attachment 4487 View attachment 4488

I wish the borrower was slave to the lender, but in this case Im the slave to the borrower. So this was a very useful discussion because I can't get to the "pay me off" phase if I mess up his sale somehow. So I have to let him sell it, and see what comes out of it for me. If it violates the note, then I can sue. And hope he doesn't get a very clever lawyer with all my cash. He was flipping houses with other people and nobody had any complaints. I dont know why he gave me the shaft. We never had many cross words except way back when all this went bad. Maybe now that we are older, he just decided it's time to retire on somebody elses money. Lesson learned but Im too old to ever do this again.

Thank you all for your postings. :)
 
Please don't respond within quote boxes.

Yea, I can't sue now, but what can I do to safeguard my payoff? He owes me the next $900 payment in 2 weeks.

Nothing.


You don't have an enforceable acceleration clause so you'll only be able to sue for the one payment.

I may be misunderstanding the OP, but it sounds like the balance is due upon sale of the debtor's residence. If that's correct, then the OP should have little difficulty obtaining a judgment for the full balance.

That said, the OP has already received 104.5% of the original principal amount, so I'm curious what the OP thinks the balance is and what the exact terms of repayment supposedly are.
 
So he made a Promissory note to pay off what he owed me at a paltry amount of $900/ month at 8% interest. The note to be paid off from the proceeds of his home when he ever sold it.

You were asked: What is the total principal amount to be repaid according to the unsigned note?

Your answer: $134,400. His house is pending at $350,000. About 3 times what it was 13 years ago.

If the principal amount was $134,400 at 8% over 13 years, he would have paid you about $216,000 if you were amortizing the loan. You would have received $82,000 in interest alone. You say you only received $140,000.

What were the particulars of the loan (principal loan amount, interest (simple or compound), (yearly, monthly, what)))? How does the sale of his house play into this other than to payoff the balance of the loan principal from the sale in a balloon payment .





.
 
Last edited:
I know that Oral agreements are enforceable. This is more. But there is that turnip factor. If he gets all the sale cash in his hands, it is likely to vanish somewhere real quick. So, what can be done other than busting the sale, can I do to keep from getting ripped off twice?

Section 1309.408 - Ohio Revised Code | Ohio Laws

https://www.martindale.com/legal-news/article_weltman-weinberg-reis-co-lpa_2501881.htm

https://answers.uslegal.com/debts-and-credit/promissory-notes/18089/











What Makes a Promissory Note Invalid?
As we've already mentioned, a legal note must meet certain requirements to be valid.

Here's what can make your promissory note invalid:

Incomplete Signatures
Both lender and borrower must sign the original document (plus any amended versions). This way it's clear that parties agree to the loan's conditions. What happens if you don't sign a promissory note is that the contract wouldn't be considered legally binding.

Unfair Terms
The terms of a promissory note must be fair to both parties involved. If there are any clauses that are unfair or one-sided, it could make the entire document invalid. The majority of the states, for example, set limits on the amount of interest that may legally be charged on various sorts of loans. This means that if the interest rate is too high or if repayment is due too soon, these could be considered unfair terms.

Unclear Clauses
If there are any clauses in the promissory note that are unclear or difficult to understand, this could question the promissory note's validity. All terms and conditions should be clearly stated in plain language in order to avoid any ambiguities.

Lost Original Copy
If the original promissory note is lost or destroyed, this could make the agreement invalid. The lender should keep the original written loan agreement.

Missing Payment Amount
A promissory note can become invalid if it omits the total amount of money owed by the borrower to the lender or the number of payments due. If there are multiple payments, the date each installment is due should be included.

Missing Interest Rate
People often ask, are promissory notes legally binding if they're missing the interest rate? And the answer is that very rarely can such a document lack interest rate information, even in the case of P2P lending. Putting it in writing helps to protect both parties involved in the agreement and makes sure that they both fulfill their obligations.

Past the Statute of Limitations
If too much time has passed since the date of repayment specified in the promissory note, it may be past the statute of limitations for debt collection in your state. Depending on the state you live in, the promissory note may expire 3-15 years after it's been created.

Changes Made without a New Agreement
Another way how to void a promissory note is to make changes regarding its terms after it has been signed. If any changes must occur, both parties must sign a new agreement, known as an amended version. Otherwise, the document will no longer be valid. This concerns changes to the repayment date, interest rate, or amount of money borrowed.

What Happens When a Promissory Note Becomes Invalid?
If a promissory note becomes invalid, it can have serious consequences for both the lender and the borrower. The lender may not be able to take legal action against the borrower if they default on the repayment. The borrower may consider such circumstances as a solution to how to get out of a promissory note.

This doesn't mean that the debt is canceled completely. The lender can still try to collect the debt through other means, such as contacting the borrower directly or hiring a collection agency. If you are unsure about the validity of your promissory note, consult an attorney.



Key Takeaways
A promissory note is a document that outlines the terms of a loan agreement between a borrower and a lender.
Are promissory notes legally binding? Yes, as long as they meet certain requirements.
Things that can make a promissory note invalid include:
unfair terms
missing signatures
missing payment amount
changes made without a new agreement
If a promissory note becomes invalid, the lender may not be able to take legal action against the borrower, while the latter may experience damage to their credit score if the lender turns to a collection agency.
How Can You Prove Promissory Note Validity?
In the process of checking the validity of your note, the court will check the following things:

The Form of the Promissory Note
A written contract is required for a promissory note to be enforceable and valid; a verbal promise will not be considered a promissory note in court. As a result, lenders often employ standard forms as promissory notes that have been worded according to state law.

The Monetary Aspect
How long and under what circumstances is a promissory note valid? For as long as it takes to repay the borrowed amount. The sum should be expressed in a legitimate currency, according to the law. Apart from the principle of the loan, it should include:

a statement of the interest rate (if any)
the frequency with which scheduled payments will be made
the date on which the loan will mature (also known as the promissory note maximum duration)
If the note does not include this vital information relating to the loan's repayment, it cannot be legally enforced.

The Signature
Even if a promissory note states the sum in the proper currency and has the most comprehensive of terms, if it's not signed, that's one of the cases when a promissory note is invalid.

After all, a promissory note is a kind of contract, therefore it will only be binding if the borrower signs the document. The signatures of both parties are important to indicate that they have accepted the terms of the agreement.

FAQ
What is not essential for a valid promissory note?
Apart from all the other information that must be included in a promissory note (payment amount, loan term, etc.), excluding an interest rate is not what makes a promissory note invalid. This is because in some instances the borrower does not require an interest to be paid.

What is required for a promissory note to be a valid instrument?
A promissory note must include the payment amount, loan term, repayment schedule, and signatures from both parties. Additionally, any changes made to the agreement must be agreed upon by both parties and documented in a new agreement. Without this information, the promissory note may be considered invalid.

What Makes a Promissory Note Invalid & How to Prove Validity - Review42
 
The OP may have to consign himself to the fact that all those payments he's gotten over the years may be all he gets.
 
Yea, the note is a low ball of what he owed me at the time, $134,400. He owed me more but this is the note he made and I was so furious that I didn't say another word about it. Then he started handing me $900 cash at work, ever since. For about 13 years now. The note says "interest only" payments till the principal is paid off from the sale of the house. And that's what 8% of $134,400 is. Just shy of $900. He handed me 9 bills every month. So this could go on forever if the house never sells out of the name on the note. But it's ending shortly. And he had the nerve to say he owed me nothing. So most definitely we have a problem of understanding. And I will have a problem of finding him if he pulls a vanishing act. So right this minute I am well under paid. Especially if I have to pay taxes on all those "interest only" payments. The tax man really feels entitled to a chunk of anything labeled "interest". So this is a mess and now my "partner" is looking to make it a bigger mess for me. If he pays off the note as written, then I got "something" after taxes are paid. But the "something" is not a share of the original flipped house sale, and does not cover my loss of use of my cash for the last 13 years. And the less he pays me from the note value, the worse off for me it gets.
 
Ignore this too - it was a triple-post!
 
You agreed to his plan of $900 per month in interest and a total principal amount of $134,400. You aren't entitled to more. With that said, the note you have is not a valid promissory note, so you'll likely find that you get nothing beyond what you've already received.
 
I may be misunderstanding the OP, but it sounds like the balance is due upon sale of the debtor's residence. If that's correct, then the OP should have little difficulty obtaining a judgment for the full balance.

Agree, if the ex-partner fails to pay upon the sale of the property.

But OP seems concerned about not being paid the next payment.
 
There may be a problem of whether an insurable interest exists on the life insurance policy as well.
 
There may be a problem of whether an insurable interest exists on the life insurance policy as well.

I disagree. Whether or not the promissory note is enforceable as written, it's pretty clear that there was an enforceable loan agreement, and the creditor under such an agreement unquestionably has an insurable interest in the life of the debtor.
 
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