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That would be the decision of the person holding the note. They could if they so choose pursue litigation in the proper court of jurisdiction to recover monies owed. A promissory note is a legally binding agreement and is treated as such in a court of law.
Wiki User
∙ 18y ago
Wiki User
∙ 13y agoYour creditor can sue you in court and obtain a judgment against you. Once the judgment is rendered the debt begins to accrue interest until it is paid. In Massachusetts the interest rate is a whopping 12%. Once the creditor wins their judgment they can request a judgment lien that can be recorded in the land records. Your real property cannot be sold or refinanced until the lien is paid. They can also ask the sheriff to seize any property you own to satisfy the debt, including your car.
Wiki User
∙ 15y agoIn brief, you could be taken to court, and/or have collection agency problems having a negative affect on your credit report.
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What happens when a promissory note is signed by two people and one dies?
The deceased's estate acquires the power to enforce, or the responsibility to pay, the promissory note.
What is a promissory note?
A promissory note (which is usually referred to simply as a note) is a written promise to pay a specific sum at a definite future date.
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.
Which of these is a signed promise to pay back a loan?
promissory note
What is the Failure by promissory note's maker to pay the amount at maturity is known as?
dishonoring the note.
What do you do if you sold a vehicle to someone with a promissory note stating they will make payments and signed the title over if they do pay?
If they signed the promissory note, then it is legal, and binding.
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.
If the maker of a promissory note fails to pay the note on the due date the note is said to be what?
It would be considered in default.
How can you get out of a promissory note?
If you are the debtor you must pay the debt and have the lender sign a release.
What is a signed promise to pay back loan?
Collateral
Characteristics of promissory note and how does a promissory note operate?
1. it must be in writing 2.must contain an express promise to pay not just merely acknowledgement of a debt. 3.the promise to pay must be unconditional. 4. the maker of the note must sign it
What laws govern tow yards when releasing a vehicle with a promissory note?
Not enough information is given. Promissory note for WHAT? To pay the towing bill? To prove ownership of the car? Is the towing company asking YOU to sign a promissory note? Re-word and re-submit the question.
