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If you sign a promissory note for a down payment on a car and they do not sell you the car is the note still valid?
If you signed a promissory note and the person decided not to sell you the car, you do not have tobpaybthe down payment. The person has already voided the promissory note by not selling to you.
What happens to a promissory note when the person it is endorsed to dies?
Let me get this straight, the borrower and lender enter into an agreement and sign a promisory note to secure it. The lender dies, and the debt has not been fully repaid. Easy, the borrower still owes the estate of the deceased lender.
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 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.
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 happens to a promissory note when the lender dies?
When a lender dies, the promissory note typically becomes part of their estate. The rights to collect on the note can be transferred to the lender's heirs or assigned to an estate executor, who is responsible for managing the estate. The borrower is still obligated to repay the note, and the terms of the note remain in effect unless otherwise specified. It’s advisable for the borrower to communicate with the estate representative to ensure proper payment procedures are followed.
What happens to a promissory note when the debtor dies?
When a debtor who has issued a promissory note dies, the note typically becomes part of their estate. The estate is responsible for settling any outstanding debts, including the promissory note, before distributing assets to heirs. The creditor may seek repayment from the estate, and if the estate lacks sufficient assets, the debt may go unpaid. The terms of the note and local laws can influence the specific process and outcomes.
A personal promissory note was drawn between two individuals in the state of Texas and the lender since died. How long does the executor have to enforce the promissory note. Is it still valid?
The note is no longer valid because it is a personal promissory note. If you want to honor it, that is your decision.
Wording for promissory note?
wording for promissory note with collateral
Does deceased student's estate pay student loan?
If the student dies, the loan dies with him/her. It's all in the fine print of the Master Promissory Note.
What is Promissory Check Open Check Cross Check and Stale dated Check?
promissory note a written promise by a person or the maker.
Is a promissory note valid with no consideration?
No....a promissory note is not valid without a consideration.
