If I signed a promissory note to purchase a house what state law does it fall in? 3 Answers as of November 25, 2014

I signed a promissory note in CA to purchase a house. Is this under CA or FL Laws? Is it a consumer or non consumer debt?

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Janke Legal Consulting | Bruce C. Janke
If this is some sort of standard form promissory note, it may have a provision for which state's law controls. If not, if both parties signed the note in California, California law would control, especially if the real property is located in California. Subdivision (f) of California Civil Code section 1788.2 defines "consumer debt" as "money, property or their equivalent, due or owing or alleged to be due or owing from a natural person by reason of a consumer credit transaction." Subdivision (e), in turn, defines "consumer credit transaction" as "a transaction between a natural person and another person in which property, services or money is acquired on credit by that natural person from such other person primarily for personal, family, or household purposes." So, if the note is for the purchase of a personal residence, then it is a consumer debt. If it is for the purchase of a rental property or other commercial building, then it is not a consumer debt.
Answer Applies to: California
Replied: 11/25/2014
R. Jason de Groot, P.A
R. Jason de Groot, P.A | R. Jason de Groot
The law where the property is located applies. It is a consumer debt. Read the promissory note.
Answer Applies to: Florida
Replied: 11/25/2014
Stacy Joel Safion, Esq.
Stacy Joel Safion, Esq. | Stacy Joel Safion
Purchasing a home is a consumer debt.
Answer Applies to: California
Replied: 11/25/2014
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