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If someone defaults on a promissory note what action can be taken?
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When should one get a promissory note?
A promissory note is to provide and record details of a loan. One should receive one if a personal loan, business loan or real estate transaction has taken place. A promissory note is legally binding and can be used in a court of law if the borrower does not pay. It is a more complicated version of an IOU.
What action was taken to limit monopolies?
Sherman Antitrust Act!!
What is the term for a person who has taken a loan?
The term used to refer to someone who has taken out a loan is, borrower.
What could happen to someone charged several thousand dollars on a credit card while in the States on a student visa and then left the country?
Probably the only action that could logically be taken, would be to deny any future student or work visa to the person in question. Denying any future visa is a possible action. But can you explain the legal actions that may be taken from the credit card companies? Is there any risk on the student while he is outside USA. Please be more specific.
Where could someone apply for a faxless loan?
There are many choices for places where someone could apply for a faxless loan. These are available from usurers or payday loan providers who advertise on television, in newspapers and on the internet. The terms and conditions should be carefully studied, in particular for the punitive interest rates which are charged, also for the action that would be taken in the event of default.
If you sign a promissory note to avoid legal action and you don't repay it in full what legal action can be taken against you and is there a statute of limitations?
The holder of the promissory note can file a lawsuit against the signer/borrower in the debtor's state court of jurisdiction to recover monies owed. A promissory note is considered a written legally binding document and therefore is subject to the applicable SOL of the debtor's state of residency.
If someone were to accidentaly injure another in the work place what legal action would be taken?
There is no legal action that could be taken if someone were to accidentally injure another person in the work place.
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Someone gets a notice before action is taken.
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weird person
When should one get a promissory note?
A promissory note is to provide and record details of a loan. One should receive one if a personal loan, business loan or real estate transaction has taken place. A promissory note is legally binding and can be used in a court of law if the borrower does not pay. It is a more complicated version of an IOU.
Someone that has broken the Copyright Design and Patent Act?
Currently, action is being taken against TorrentFreak for copyright infringement.
Understanding a Promissory Note?
A promissory note is a signed note from one person to the other guaranteeing (promising) to pay an exact amount of money when it comes due or upon demand by the lender. Promissory notes are legally binding. That means if a borrower signs the note and does not pay the money back as promised, regardless of whether it is an individual or a business loan, the lender may sue in court for the amount of money owed. Promissory notes are much like a contract and can be used in various situations to meet one end. The end is to gain a written promise of payment from any source. For instance, bill collectors will often ask past due customers to sign a promissory note as a promise to pay back money owed. The note can later be used in court if necessary on the bad debt. A promissory note has several bits of information that seal the agreement. The first thing on the note is the principal amount owed. The principal is the actual amount of money borrowed. It does not include interest or any other possible amounts that might be added to the total due, depending on when the money is paid off. The interest rate on the loan (if interest is being charged) will also be on the promissory note. The interest rate is agreed upon and signing the note is acknowledgement that it is accepted by the borrower. Names of both parties are added to the note. Parties are the people involved in the loan. There are two types of promissory notes. The first is one with a maturity date. The maturity date is the date that the loan expires and action can be taken by the lender if not paid in full. The second is an on demand note. This note does not include a maturity date but the loan can be called in at any time. If the lender calls the note and the borrower does not pay the money back, the lender can take further action. The borrower's rights should be prominently posted on the promissory note. It should include what actions will be taken if the borrower defaults on the loan. This could include repossession of a vehicle, foreclosure on a property or a lien on a paycheck. It is the borrower's responsibility to understand his or her rights before signing the agreement.
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Blocking is a form of corrective action on WikiAnswers. Typically it is the final choice taken when other forms of corrective action such as warnings are ineffective.
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If a person is publishing or publicly broadcasting a lie about you, legal action can be taken. This offense is known as defamation of character and the offender can be sued.
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This action is taken to prevent the felon from ever getting released from prison
