Question 1

What is the purpose of The Enforcer suite of legal documents?

Accepted Answer

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.

Question 2

What types of loans can be addressed using The Enforcer?

Accepted Answer

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.

Question 3

When is The Enforcer used?

Accepted Answer

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.

Question 4

How does the &#8220;Deed of Ratification&#8221; work in the suite?

Accepted Answer

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.

Question 5

How long does this document take to assemble?

Accepted Answer

Depending on the complexity of the data, this document should take approximately 2-5 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 .

Question 6

Can The Enforcer be customised to suit unique loan arrangements?

Accepted Answer

While The Enforcer provides standardised templates, certain terms can be tailored to align with your specific loan details, ensuring accuracy at LY Legal.

Question 7

Is this document a legal document?

Accepted Answer

All master documents have been signed off by LY Legal. 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.

Question 8

Is the document easy to read?

Accepted Answer

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.

Question 9

Are the LYD documents reviewed regularly?

Accepted Answer

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.

Question 10

What lawyers sign off on LYD documents?

Accepted Answer

All LYD documents are prepared and signed off by LY Legal.