Promissory Note

10-09-2009, 03:42 PM

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Join Date: Oct 2009

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Promissory Note

We live in PA and are holding a Promissory Note for someone in Florida. As part of the note, we are holding the title to a manufactured home as collateral. The borrower has notified us that he will not send payment to us (he will keep it in a bank account) until we send him a copy of the title. We hesitate to send it to him for fear he will apply for a duplicate title, forge our name and convert the title into his name without paying the note. Is he allowed by law, to withhold payment for this reason?

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