Promissory By-Laws

[AmandaT1985]

My mother-in-law owns her own business; she is purchasing it from her brother. He carries a Warranty Deed, Real Estate Mortgage and a Promissory Note. However the promissory note ended in March of 2007 and he allowed her to cut the agreed upon payments with out re-writing the promissory note. He verbally agreed to give her to the end of the year to catch up, however Friday he informed her that he was taking the business back. However with no documentation or amendment to the promissory note does he have any legal ground? Also he has been making her pay under the table ½ of her loan is this legal? We live in the state of Alabama, where can I search about the by-laws of a promissory note?

Any help or suggestions are greatly appreciated..

[Also he has been making her pay under the table ½ of her loan is this legal]

Obviously that is not legal--he could be reported of course!

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She can haul him into court and they wil see her payments etc.
If two or more owners or partners cannot agree on what to do with a corporation or any other property, they may petition the court and the court will order a sale or refinancing etc. so that the one or more may get out of the corporation and/or the other(s) may keep it etc.--it is often done-- (This is true in some cases even for equitable owners that have paid various amounts etc., but for various reasons, may not be listed as an owner or shareholder.) You could threaten to take this action if need be. It may cause compromise which is of course what you need here now.