You cannot Profit from Your Own Illegality

Remember this adage: You cannot profit from your own illegality. In a recent case, parties entered into a promissory note for the repayment of gambling debts. Naturally, the promissory note was not repaid and a lawsuit on the note was initiated. However, the promissory note was illegal as a matter of law and parties cannot ratify an otherwise illegal transaction: [Florida Statute] Section 849.26 provides that “[a]ll promises, agreements, notes, bills, bonds or other contracts, mortgages or other securities . . . for the repayment of money lent or advanced at the time of a gambling transaction for the purpose of being...