Scutt Law, PLLC’s attorney, Jessica Scutt, was sworn in by Minnesota Supreme Court Associate Justice Helen M. Meyer in the Supreme Court court room on July 11, 2012. Ms. Scutt is now licensed in both Texas and Minnesota, and she is excited to divide her time between her two favorite states. Congratulations Jessica!
New Scutt Wear is now available! Scutt Law, PLLC now offers a young and fresh women’s t-shirt, sizes small, medium, large, and extra large. We really dig the new design, don’t you?
Scutt Law, PLLC is getting ready to head downtown to the Pearl Amphitheater to support the Riverwalk Lucky Duck Race and Festival. There will be family-friendly entertainment, and at 5pm, 20,000 ducks will be launched into the San Antonio river for a race…the winners will receive some great prizes! Ducks cost only $5 apiece, and it’s not too late to purchase one…proceeds will benefit the Paseo Del Rio Association and Haven for Hope.
For more information, please visit:
https://www.duckrace.com/Home/tabid/9530/Default.aspx
Have a happy Saturday from Scutt Law, PLLC!
At Scutt Law, PLLC, we strive to provide our clients with a positive legal experience and remain transparent at all times in our billing practices. Our goal is to treat our relationship with each client as one that involves teamwork and communication. We keep our clients informed of any new developments on their case, and we respond to client requests for information in a timely manner. We have implemented a creative approach to the rates we charge for our services. We understand that in the current economic climate, it is unreasonable to charge a premium for legal services. Therefore, our rates are negotiable, and we are willing to work out payment plans tailored for each individual client. For more information, and to see a breakdown of our fee ranges as well as an overview of our billing practices, please visit the second tab from the top of our website under “about/fees.” Thank you for your interest in Scutt Law, PLLC!
Steve Jobs, the co-founder of Apple, died yesterday at the age of 56. Many wonderful things are being reported in the media about him, and rightly so. Scutt Law, PLLC cannot imagine what we would do without our Apple computers (especially our MacBook Pros)…Apple is our firm’s brand of choice. Indeed, our choice to use Apple products was one of the best choices the firm has made, and we salute Jobs and the fantastic job he did as a visionary and pioneer for the industry. Years ago, Mr. Jobs said that, “Being the richest man in the cemetery doesn’t matter to me … Going to bed at night saying we’ve done something wonderful … that’s what matters to me” (Wall Street Journal 1993, shared by UK Guardian). Well said. Rest in peace, Steve Jobs.
Please bear with us! Scutt Law, PLLC’s website is currently “under construction” as we transfer our site over to a new, Texas-based (and even wind-powered…wow!) web hosting company. We are excited to launch www.scuttlaw.com off of our new local host this week sometime. We appreciate your understanding as we work out the kinks. Have a wonderful weekend!
FYI-if your business accepts debit cards, yesterday the Federal Reserve slashed the fees that banks can charge for debit card transactions, but did not cut them as deeply as initially expected. For the whole story, go to Scutt Law, PLLC’s twitter page at: SCUTTLAWPLLC or follow us by clicking right now on the blue and white icon on the far right side of your screen.
Welcome to Scutt Law, PLLC’s primer on promissory notes made in Texas. First, what is a promissory note? A promissory note is a signed paper promising to pay another a certain sum of money. In order to be legitimate and acceptable as a proper promissory note, the writing MUST contain the following elements:
1. UNCONDITIONAL: There cannot be any conditions to payment. For instance, “I promise to pay if it rains on June 15th.” That statement makes the payment conditional on rain on June 15th.
2. PROMISE OR ORDER TO PAY: There must be a written undertaking to pay money that is signed by the person undertaking to pay. For example, “I, John Doe, promise to pay to the order of Jane Doe one thousand dollars.”
3. TO PAY A FIXED AMOUNT OF MONEY: The principal amount due under the promissory note must be fixed. The amount of interest due does not need to be fixed. However, the interest rate must not be unconscionable, or it may violate the Texas Usury Laws, which are state laws that specify the maximum interest rate that can be charged before it becomes unlawful.
4. PAYABLE TO ORDER OR BEARER: The promissory note must be payable to order or to bearer. For instance, “Pay to the order of Jane Doe,” or “I promise to pay to the order of bearer”. A bearer is any person who may present the note to the person who made it (“the maker”) for payment.
5. PAYABLE ON DEMAND OR AT A DEFINITE TIME: The note is payable on demand if it states that it is payable “on demand” or “at sight”, or if it does not state a time for payment. This means that it is payable at the will of the holder of the note. The note is payable at a definite time if it specifies a specific date for payment, or if it states a specific period of time after sight, such as “120 days after presentment for payment”. However, as addressed above, made sure that there are no conditions on payment.
6. DOES NOT STATE ANY UNAUTHORIZED UNDERTAKING OR INSTRUCTIONS: Finally, the Texas Business & Commerce Code states that a promissory note must not state any other undertaking or instruction by the person promising or ordering payment to do any act in addition to the payment of money.
Who uses promissory notes? Banks often use them, and people use them in day-to-day transactions (such as when family members or friends loan money to one another that must be repaid). Promissory notes can even be used in Texas as capital contributions to Limited Liability Companies (“LLC”s) by LLC members.
Why must a promissory note contain the elements describe above? Because it is then what is called a “negotiable instrument”. A negotiable instrument allows the holder to transfer that instrument (here, a promissory note) in the same way that cash can be transferred. Therefore, if it is “negotiable”, and adheres strictly to the elements listed above, a promissory is a very useful and powerful instrument. This is because it is a safe and convenient substitute for cash in certain situations.
How is a promissory note a substitute for cash? If the note is transferred to another holder in a special way (if it is “negotiated”), the new holder can enforce the note against the maker of the note, and in that way, it is like cash. The process of negotiation is a topic for another primer, but it is important to understand how a promissory note can become a negotiable instrument in the first place.
If you are interested in having a promissory note drafted, or if you have concerns involving one that has already been executed, you should contact an attorney for advice about your specific situation. It is important to consult an attorney to make sure your rights are protected.
*Disclaimer: The information you obtain at this site is not, nor is it intended to be, legal advice. You should consult an attorney for individual advice regarding your own situation.
We are Chipotle-bound here at Scutt Law, PLLC this afternoon! We want to give a shout-out to Chipotle Mexican Grill located at 438 NW Loop 410 here in San Antonio. Scutt Law, PLLC won a free meal for four of our employees at Chipotle, compliments of their monthly business card drawing at the restaurant. What a great way to give back to the local business community!
So, please patronize your local Chipotle Mexican Grill! Besides the fact that they never fail to serve up wonderful, fresh burritos and burrito bowls, they also have some of the best guacamole around, and they really do strive to take care of their patrons. ¡Viva Chipotle!