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.
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 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.
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.
someone signed a promissory note that owes me money. what is the next step i need to do to get paid?
wording for promissory note with collateral
You need legal advice that is particular to your state.First, there is a statute of limitations in your state that governs how long a promissory note is effective. If the note remains unpaid you can bring the matter to court and obtain a judgment if the terms of the note have been breached. If you obtain a judgment in your favor, you can ask the court for a judgment lien that can be recorded in the land records against the debtor's real estate. Once the lien has been recorded the property cannot be sold or refinanced until the debt is paid.It would be worthwhile to invest in a hour with an attorney who can review your situation and explain your options.
Interest on the unpaid judgment is 9% per year (simple interest, not compound interest). Unpaid judgments can affect the judgment debtor's credit rating.
No....a promissory note is not valid without a consideration.
A promissory note is a fancy legal name for a legally phrased I.O.U.
The amount written on the face of a promissory note is called face value or principal. The date on which the promissory note is written is called the issue date.
I have the promissory note to my house.
I needed to sign a promissory note for my student loan money.The bank is legally owed money when you sign a promissory note.The promissory note was only one page long but used complicated language.