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If you sign a promissory note to avoid legal action and you don't repay it in full what legal action can be taken against you and is there a statute of limitations?

Answer:

Answer

The holder of the promissory note can file a lawsuit against the signer/borrower in the debtor's state court of jurisdiction to recover monies owed. A promissory note is considered a written legally binding document and therefore is subject to the applicable SOL of the debtor's state of residency.

First answer by Macky. Last edit by Macky. Contributor trust: 5186 [recommend contributor ]. Question popularity: 24 [Recommended].

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