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I need an experienced lawyer who can set up a document set for a loan which will be secured by the borrower’s (an insurance agent) right to receive commissions on previously sold polices.
The loan will be for $300,000 (cash disbursed to the borrower of $250,000) to be repaid in 180 days. The payment of the commissions will be directed into the lender’s account to pay off the loan, and the lender will disburse overages to the borrower. We will need a loan agreement, promissory note, security agreement and pledge, any other security documents you deem necessary and a direction to the insurance company to direct payment to the lender.
I will need you to identify potential pitfalls like how to instruct the insurance company to direct payment to the lender’s account, whether that violates any insurance laws, how to stop the borrower from undoing that lockbox, and whether the amounts charged violate any usury or other lending laws.
Obviously, if you have not com...
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