Posted by Michael Morrongiello on February 24, 2002 at 22:40:05:
It sounds like you have a certain percentage or undivided interest percentage of ownership of an existing promissory Note with some other family members. Surely you can see if these other family members that Also have a percentage of ownership interst in the Note would be willing to sell it to you. As for what to offer, you need to determine what owning their interest’s and the WHOLE Note is worth to you?
Your local bank very well may loan you the funds to purchase this Note and allow you to “hypothecate” it with them (just a fancy word for pledge) as collateral for making the loan to you.