My parents got a loan from a friend years back.
They agreed to pay the creditor certain amount with interest every month until loan is fully paid. Things turned around and our business went unstable and so
it also affected the payments to the loan they made.
During the 2nd year of loan period, my parents and I were asked to sign a summary of account to be paid to them. The form includes interest rate, terms, figures, dates and loan amount. There are no
words/labels/conditions indicating who the main borrower is, and who the witness is and the like.
Now, the creditor is asking/forcing me to sign another form summary of account (I have not read/seen the form yet), and quite asserting that I am liable to the loan as well as if I am the main borrower. I
always thought that I was just a witness and my parents are the main borrowers.
He's telling me that he will take legal steps once I don't agree to sign.
My questions:
: Am I liable to pay the loan my parents made to the creditor because I signed the form even if I was told before (my parents) that I was just a witnessed to the transaction?
: What makes a promissory note valid?
- The form I signed did not indicate that I was just a witness? who the main borrower is? and there was no words indicating "I "my name" promise to pay..."
Again, thank you very much for your kind help
Regards!