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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.
What else can I help you with?
Is the premises note an asset or a liability?
Premises as in Property (Commercial/Industrial) are classified as Non- Current Assets
How do you account for an interest free promissory note?
Similar to A/R. Set up a Note Receiveable, and credit the note (debit cash) as payments are received.
I received a foreclosure notice for back condo fees Is there anything you can do to slow this procdure if i wont have the for a couple months?
It sounds like you are working with the association's board.It is possible that you can negotiate with the board regarding the unpaid assessments, and sign a promissory note or other legal agreement that details a payment plan for the debt you owe.
Would a promissory note be null and void if nothing was ever lent or borrowed?
A promissory note is an unconditional promise to pay a fixed amount at a fixed time accruing a fixed interest thereafter.Promissory notes differ from IOUs in that they contain a specific promise to pay, rather than simply acknowledging that a debt exists. In common speech, other terms, such as "loan," "loan agreement," and "loan contract" may be used interchangeably with "promissory note" but these terms do not have the same legal meaning.So the answer depends on whther this is a true promissory note or an instrument that was created to memorialize a transaction that wasn't completed.ClarificationThe answer is that if there is a fully executed promissory note then it can be enforced in court. A fully executed promissory note is absolute evidence that the borrower owes the lender. A defense that the borrower never received the money would be difficult to prove. If the funds were not transferred to the borrower there should not be a fully executed promissory note.First, the promissory note should only be signed by the borrower at the same time the funds are handed over. Second, if one was executed and the funds were not paid over to the borrower then the promissory note should not be signed by the borrower and if signed, it should be destroyed since the loan was not completed.
Is any property received by any will considered to be self acquired property or inherited in India?
if you received any property by will written with testator then, the property is consider as inhertied property. this is applicable when the testator has heridty with your family. otherwise it is considered as self acquired property. another way, the property is inhertied when it completed 4 generations with out any divide in middle.
A shareholder's basis in property received in a stock redemption is the property's fair market value?
true
What are the ratings and certificates for Property Virgins - 2006?
Property Virgins - 2006 is rated/received certificates of: Australia:PG
What are the ratings and certificates for The Property Man - 1914?
The Property Man - 1914 is rated/received certificates of: Argentina:Atp
International bill of exchange?
International Bills of exchange or IBOE (promissory note or certificate of deposit) are similar to checks and promissory notes. They can be drawn by individuals or banks and are generally transferable by endorsements. The difference between a promissory note and a bill of exchange is that this product is transferable and can bind one party to pay a third party that was not involved in its creation. If these bills are issued by a bank, they can be referred to as bank drafts. If they are issued by individuals, they can be referred to as trade drafts. The only difference between a promissory note and a bill of exchange is that the maker of a note pays the payee personally, rather than ordering a third party to do so. When a bank is the maker promising to repay money it has received plus interest, the promissory note is called a certificate of deposit (CD). mtnbgAThotmailDOTcom
You received a 1099 from a property manager now what do you do?
What kind of 1099 is it?
What are the ratings and certificates for Private Property - 1960?
Private Property - 1960 is rated/received certificates of: Finland:(Banned) (1961)
How can you find out the address of a property for which you received full reconveyance?
To determine the address of a property you should check the records at the tax assessor's office.
