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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.

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โˆ™ 2006-03-25 02:26:06
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Q: What might be the results of signing a promissory note and then not paying it in full?
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Should a promissory note be notarized for it to be legal?

A promissory note is binding on the signer whether notarized or not. Notarization might offer some additional evidence should the signing of the note ever be denied in court. The note need not even be signed by both the creditor and debtor; the debtor's signature is sufficient to hold him liable under the note.

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The act of signing a receipt is not in itself a felony. Fraudulently doing so might be.

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Promissory notes are not reliable because lenders must find the borrower before payment occurs. If the borrower disappears or leaves the country, the lender might fail to collect the money owed.

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What can you do if you cannot afford to pay an increase in rent?

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Would Justin pick up a girl from a concert or signing?

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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.

Trichy Anna university results for thierd semester?

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IF you use them THEN they might OR they might NOT AND then again they might...

What is it called when you make a shrine of someone?

The term you might be looking for is paying homage.

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The election results were a product of the states gaining their independence.

Does paying for wow get your account banned?

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What are the results of overstocking or overcrowding on animal production?

The results of overstocking or overcrowding on animal production can be either positive or negative. The negative results might be dominant since the animals will be congested. They are forced to compete for resources and if there is an outbreak of a disease they might all be affected.

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Is a partner in an sub s corp liable for signing a personal guarantee on a lease on behalf of the corp?

I'm not a lawyer, but my understanding is that sub s corps do not have "partners", they have shareholders, which is an important distinction, because it means you are definitely not liable unless you signed the personal guaranty. As for the need to sign, that is part of the negotiation - they might insist on it. Also, when signing, there is a distinction between signing as an officer of the corporation vs. signing personally: always sign, "ABC Corp.", then below, "by: Joe Q. Smith, President" which means you are signing as an officer, as distinct from signing as an individual.

How old does the person signing for you to get your bellybutton pierced?

Not exactly a matter of age, although that is important. The person signing has to have legal guardianship over you ( assuming you to be a minor ). You might want to look up the meaning of the word "guardian", too.

What is it meant by singing the devils book?

signing the devil's book is to join the legion under Satan's command. It might be considered selling your soul to the devil, however there is no direct implication of the agreement in the phrase "signing the devil's book".

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