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The creditor (holder of the note) would need to file a lawsuit in the court of jurisdiction where the debtor(borrower) resides. If the creditor prevails in the suit a judgment will be entered against the borrower. The creditor can then execute the judgment in accordance with the laws of the debtor's state.
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If you have a promissory note based on a business loan and you file bankruptcy on that business loan is the promissory note still valid?
Even though you file bankruptcy, you still have to honor the promissory note. If you are ordered to make installment payments then you will have to pay the promissory note in installments.
You loaned money to owners of a business they signed an on demand promissory note how do you file the lien on the property?
You will need to take the person to court. Once you have a judgment in your favor you can then file a lien with the courts.
How can i use promissory note to file a complaint or lawsuit against the debtor?
In an action on a promissory note, the promissory note itself is evidence. Give it to your attorney, who is filing the suit, because he will need all the relevant evidence to pursue the lawsuit.
Do you have a legal right to a copy of your promissory note?
You do have a right to a COPY of your promissory note, if for no other reason than to assemble, collate, and maintain a complete file for your own legal records.
Wording for promissory note?
wording for promissory note with collateral
What is the first step to get a judgment?
someone signed a promissory note that owes me money. what is the next step i need to do to get paid?
Is a promissory note valid with no consideration?
No....a promissory note is not valid without a consideration.
Is a promissory note legal if not signed?
Generally, if a promissory note is not signed, it is not enforceable. The statute of frauds may also make the promissory note unenforceable.
How do you make a promissory note for a school tuition fee?
sample letter of promissory note
What is the maximum allowable interest rate for a personal note in Illinois?
Interest on the unpaid judgment is 9% per year (simple interest, not compound interest). Unpaid judgments can affect the judgment debtor's credit rating.
Can the holder of a promissory note place a lien on a property?
A promissory note is an unsecured note. It doesn't create any lien on a person's property. Generally, if the borrower defaults on the note the creditor must sue and obtain a judgment within the statute of limitations for the promissory note. If successful in court, the creditor can request a judgment lien that can be recorded in the land records against the debtor's real property. Their property cannot be sold or mortgaged until the debt is paid. State laws vary so you need to check the laws in your state.
How can you use the word promissory in a sentence?
I have the promissory note to my house.
