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About Product
The Enforcer suite offers an efficient and strategic solution to address the challenges of informal and verbal loans from the past. This comprehensive package includes the following documents:
- Loan Agreement: Formalise the loan terms and conditions, establishing a clear understanding between parties.
- Deed of Ratification: Retroactively validate the loan's commencement date, ensuring accuracy and alignment with intentions.
- Personal Guarantee: Provide an additional layer of security and trust by including a personal guarantee.
- Mortgage Deed and Security Deed: Secure assets related to the loan, protecting against potential risks and non-repayment.
By utilising The Enforcer suite, you can fortify your verbal and informal loans with legal validity, structured terms, and essential protections. This suite ensures compliance with relevant laws and reduces potential risks associated with these types of loans.
► Provided under Strategist membership.
► The master document has been signed off by LY Legal and is congruent with Australian law.
General Information
The Enforcer suite is meticulously designed to address the challenges posed by old verbal and informal loans. This comprehensive package empowers you to transform these previously informal arrangements into formal, structured agreements, providing not only legal validity but also crucial asset protection.
This suite's components work in harmony to cover every aspect of the loan process. It includes the loan agreement to establish the terms, the deed of ratification to confirm the loan's start date, the personal guarantee for added security, and the Mortgage Deed and security deed to safeguard assets.
One of the key benefits of The Enforcer suite is its significant role in asset protection. By utilising the Mortgage Deed and security deed, you can secure valuable assets related to the loan. This protection ensures that assets are legally bound to the loan agreement, mitigating risks associated with non-repayment and providing a layer of security for both parties involved.
The Enforcer ensures that your verbal and informal loans are fortified with legal validity, structured terms, and the necessary protections. The asset protection component is a strategic solution to safeguard your valuable assets while mitigating risks and ensuring compliance with relevant laws.
Benefits
- Provides a detailed one interview format and a comprehensive document.
- Transforms old verbal and informal loans into legally binding agreements, enhancing clarity and certainty.
- Provides Retroactive confirmation.
- The Mortgage Deed and security deed secure assets, providing essential safeguards against potential risks.
- Full technical and strategy support from LY Legal lawyers.
Frequently Asked Legal Questions
Is this document a legal document?
All master documents have been signed off by LY Legal lawyers. Tony Anamourlis of LY Legal advises that “at no time, due to inbuilt legal protection and security measures can a user change or amend a document on the LYD platform that has been signed off by a practicing solicitor. To do so would result in the user drafting a document of a legal nature and engaging in the provision of legal services. In addition, it would be a breach of copyright. In our opinion when completing the form fields through the LYD platform, users and their employees are merely carrying out an administrative task which is not the provision of legal advice.”
However in some complex areas such as the insertion of a varied range of client instructions into a Will or other such documents the user must be mindful of the extent to which a document is being drafted by the user rather than merely the administrative task of completing a form where the relevant fields are inserted into the reviewed and signed legal document provided by LY Legal.
The above advice is born out of numerous cases dating back to Re Sanderson, Ex parte Law Institute of Victoria [1927] VLR 394, 397 where the Court held:
“if a person does a thing usually done by a solicitor, and does it in such a way as to lead to the reasonable inference that he is a solicitor – if he combines professing to be a solicitor with action usually taken by a solicitor – I think he then does act as a solicitor.”
Likewise in ACCC v Murray (2002) 121 FCR 428, 448 where Murray was building a franchise business that involved the legal writing and drafting of Wills from scratch based on the client’s personal circumstances. The Court held that this process was legal work.
Is the document easy to read?
All LYD products are written in plain English and assessed for readability. If at any time you come across any errors, please contact support@lyd.com.au.
What lawyers sign off on the LYD documents?
All LYD documents are prepared and signed off by LY Legal.
Are the LYD documents reviewed regularly?
All LYD documents form part of the LYD internal review process. We review all documents at least annually or when required to do so due to changes in legislation. Further details of this process and a review schedule is include on this website.
What is the purpose of The Enforcer suite of legal documents?
The Enforcer suite is designed to formalise and secure old verbal and informal loans. It transforms these arrangements into legally binding agreements with structured terms, asset protection, and compliance with relevant laws.
Can The Enforcer be customised to suit unique loan arrangements?
While The Enforcer provides standardised templates, certain terms can be tailored to align with your specific loan details, ensuring accuracy at LY Legal Lawyers.
What types of loans can be addressed using The Enforcer?
This suite covers both old informal and verbal loans, providing a comprehensive solution to bring them into the realm of formal and legally sound agreements.
When is The Enforcer used?
The Enforcer is utilised in various situations where there is a need to formalise and secure old verbal and informal loans. Some examples of when this suite is commonly used include:
- Family Loans: When family members have exchanged informal loans and wish to formalise the arrangements for legal clarity and asset protection.
- Friend-to-Friend Loans: In cases where friends have lent money to each other without a formal agreement and want to establish a legal framework.
- Business Loans: When business partners or associates have made informal financial transactions and want to ensure legal validity and compliance.
- Personal Loans: Individuals who have given or received loans informally and desire to establish clear terms and protect assets.
- Historical Agreements: Situations where there is a need to ratify old loan agreements and bring them in line with legal and regulatory requirements.
How does the "Deed of Ratification" work in the suite?
The "Deed of Ratification" retroactively confirms the start date of the loan, ensuring alignment with the intended commencement and formalising the loan's historical status.
How long does this document take to assemble?
Depending on the complexity of the data, this document should take approximately 5-10 mins to assemble. If you experience timing outside of this please contact Support via the Surge app, alternatively please read this article for troubleshooting tips https://info.lightyeardocs.com.au/supportcentre/troubleshooting-longer-assembly-times-timeouts.