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If you are owed 150K on a promissory note and the other party is refusing to pay how can you collect?
Wiki User
∙ 18y ago
The creditor(lender) will more than likely have to file a lawsuit against the debtor (borrower) to recover monies owed. If the creditor wins the suit a judgment will be entered against the debtor. The judgment can be executed according to state laws against any nonexempt property belonging to the debtor. The judgment holder should use caution when seizing property, as they can be penalized for incumbering exempted property of the debtor or possibly jointly owned property. The safe and expedient method of enforcing a judgment is by wage garnishment.
Wiki User
∙ 18y ago
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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.
Can a promissory note be legally binding if not notarized?
Yes, promissory notes can be legally binding even if not notarized. Notarization is not typically required for a promissory note to be enforceable, as long as the essential elements of a contract are present and the parties consent to the terms.
Promissory Note - Due on Demand (Personal)?
Get StartedA Due on Demand Promissory Note specifies the terms, rights, and obligations that apply to a loan. The party making the loan is the "Lender" and the party borrowing the loan funds is the "Borrower." The Note includes provisions regarding the amount of the loan, the interest rate, and the date by which the loan must be repaid. It also includes other general provisions that are important in enforcing the payment of the loan.A Due on Demand Promissory Note is payable "on demand." In other words, payable immediately at the request of the Lender.
Does holder have the rights to add the words on demand on the face of the promissory note after making it?
Absolutely not. A promissory note cannot be altered by either party after it has been signed, unless both parties agree to the changes in writing and signed by both parties.Absolutely not. A promissory note cannot be altered by either party after it has been signed, unless both parties agree to the changes in writing and signed by both parties.Absolutely not. A promissory note cannot be altered by either party after it has been signed, unless both parties agree to the changes in writing and signed by both parties.Absolutely not. A promissory note cannot be altered by either party after it has been signed, unless both parties agree to the changes in writing and signed by both parties.
Can a relative witness the promissory note?
Yes, a relative can witness a promissory note as long as they are not a party to the agreement and do not have a financial interest in the transaction. However, it is generally recommended to choose a neutral third party as a witness to avoid any potential conflicts of interest or challenges to the validity of the document.
What happens if I am trying to pay a judgment against me but the other party isn't responding?
If this is a court ordered judgment and the other party is not cooperating, then they are not being compliant with the court's order, which puts them in the status of being in contempt of court. Notify, the court that ordered the judgment in writing, or by filing a motion, that you are attempting to follow the judgment but the other party is refusing to communicate with you.
What if the driver at fault will not call their insurance company to report the accident?
If the other party is refusing to call their insurance company - then you should call their insurance company and file the claim.
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
Why will the courts allow an innocent party to collect damages in the case of fraud?
The innocent party has to collect damages because if fraud happens the innocent party won't be able to pay the judge for taking the case.
Promissory Note Due on Demand?
Get StartedThe Due on Demand Promissory Note is a document that specifies the terms, rights, and obligations that apply to a loan. The party making the loan is the "Lender" and the party borrowing the loan funds is the "Borrower." The Note includes provisions regarding the amount of the loan, the interest rate, the date by which the loan must be repaid, and general provisions for enforcing the repayment of the loan.Due on Demand Promissory Note is payable "on demand," meaning it must be paid immediately by the Borrower upon request by the Lender.
What do you do if your car is hit by a car reversing and you have no insurance and the other party's insurance is refusing to cooperate?
how are they refusing to cooperate? have you filed a claim with the company? NOT the agent? contact the company's main head quarters and file a claim.......just because you are uninsured doesn't mean that they cannot ''make you whole'' once an insured has caused a loss......
What is the difference between promise note and contract?
A promissory note is a negotiable instrument, wherein one party (the maker or issuer) makes an unconditional promise in writing to pay a determinate sum of money to the other (the payee), either at a fixed or determinable future time or on demand of the payee, under specific terms.Referred to as a note payable in accounting, or commonly as just a "note", it is internationally regulated by the Convention providing a uniform law for bills of exchange and promissory notes. Bank note is frequently referred to as a promissory note: a promissory note made by a bank and payable to bearer on demand.Source - WikipediaFor "Contract", click on the related link below.
