There are summary proceedings you can use to win a judgment if you have a valid promissory note and your client does not pay as per the agreed-upon terms.Ī promissory note is breached when payment due, or properly demanded as per the terms of the note, is not received. The note can be used as a binding contract, evidencing the maker’s promise to repay monies.Ī valid promissory note serves as proof of a debt owed to the lender or holder of the note. For example, if someone loaned $50,000.00 and the borrower signs a promissory note for $50,000.00 at the time of the loan, the act of loaning the money is adequate “consideration.” If the underlying transaction offers valid consideration for the note, the note is prepared and executed properly. And, as with any contract, there must be valid consideration for the note to be enforceable. You may be seeking promissory note enforcement if yourĪ promissory note is a binding agreement, a contract to pay. ![]() The note is an unconditional promise to pay the amount to you, the provider, lender, supplier. A client who is unable to pay for the goods, service, loan, etc. ![]() ![]() Typically, promissory notes are drafted when providing services, lending monies, selling goods, or during other transactions when extending credit. A promissory note is a written promise to pay a specific amount on a predetermined date or upon demand.
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