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Can a promissory noted be enforced after the debt was acquired?
Wiki User
∙ 16y ago
If you mean that a note to pay back the debt was signed by the debtor upon the debt being acquired, then yes. Any note that the person signs saying he or she will pay back a debt is a legally binding agreement.
Wiki User
∙ 16y ago
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What tax problems will you have if you forgive a promissory note?
If you forgive a promissory note you can write it off us income tax as a bad debt.
How can you get out of a promissory note?
If you are the debtor you must pay the debt and have the lender sign a release.
Title 31 usc 5118 negotional debt instrument?
bonded promissory note
Does destroying a promissory note establish that the debt has been satisfied or is a release of promissory note required?
It would be best to keep the promissory note, ask for a release, or receipt of payment in full and, if there is any question in your mind regarding future issues, copies of the checks you used to pay the debt. If you paid cash, definitely get the release.
What is legally enforceable debt?
A legally enforceable debt is a debt that meets the requirements to be able to be enforced in a court of law. It is debt that must be repaid.
What is a legally enforceable debt?
A legally enforceable debt is a debt that meets the requirements to be able to be enforced in a court of law. It is debt that must be repaid.
Can the borrower on a promissory note transfer the debt to another borrow without lender approval?
Is not possibile.
Is a negotiable promissory note owed to a friend a priority claim when filing for bankruptcy?
No, it would be a nonpriority, unsecured debt.
Is student loan a spousal debt after divorce?
If the debt was acquired during the divorce is could be taking into consideration.
Can a UK Credit Card debt be enforced overseas?
A UK credit card debt cannot be enforced overseas. It is the UK County Court that can take action on an unsecured UK debt. The accused should be living in the UK so the papers can be sent to him and for him to be able to attend court hearings.
If you have a lien on your home and you lose your home do you still have to pay?
Yes. The lien is simply a method by which a debt is secured. If the lien is on the house and the house is lost, the only thing the creditor loses is the security for the debt. The debt remains payable. If a person buys a house and borrows $100,000 to help pay for it, that person signs a promissory note to establish the debt and signs a mortgage to establish the bank's lien on the house as security for the debt. If the house burns down and there is no fire insurance, the bank has lost the security for the debt but it has not lost the debt. The mortgage (security) is useless because there is no house, but the promissory note (debt) remains in effect.
If you have a promissory note with someone and they die are you still responsible to pay the debt?
No. Without both signatures, the promissory note is not legal. As the other party is deceased, there is no way to collect that signature to make the note valid.
