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Some years ago, I gave money to a relative to pay of his
mortgage so he had the monthly payments instead to cover living expenses
and support his young family. The verbal deal was that he would not mortgage the property in any form thereafter. The deal was 'consummated' by a handshake only.
He violated our agreement without my prior knowledge.
Should bankruptcy occur, would this 'handshake' agreement carry any form of preferred status similar to that of a secured creditor vs. any
presently unsecured creditors?
Any suggestions?
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