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What is the first step to demand payment of a promissory note?
Wiki User
∙ 13y ago
Go to your local courthouse and ask the Clerk of Courts if they offer a package containing instructions and the necessary forms required to initiate legal action to obtain payment of a promissory note. If not then ask them what is the proper protocol that you should follow for your area to demand payment. One of the first steps in the package should be written notification to the promiser that you intend to take legal action after a certain period (established by your local laws) if the promiser fails to respond or pay you. There should be a form in the package to request a hearing. There should be form in the package to file for a motion of default if the promiser fails to respond after a certain period or does not show up for the hearing. And a form to file for a motion for dismissal if the promiser pays you. The Clerk of Courts should also be able to provide you with a schedule of the fees to initiate each action.
The first and last step to demand payment of a promissory note is to send the party written notice to cure within ten days, unless the terms of the note call for a different time period. Do it by certified letter or other method of proof of delivery. Generally speaking, one is not entitled to file a lawsuit ( a summons and complaint) at the courthouse until you have provided the written notice and can prove it.
If you do not get satisfaction within the ten days, then you can file a summons & complaint with the court. The clerk of court will give you the basic summons and complaint form if you want to sue in small claims court which limits the amount you can collect within the jurisdiction of that court. The person answering above is assuming that your amount owed is small and comes within the limits of a small claims court. The limits vary from State to State, but generally range from $2,000 to $10,000 for small claims courts. You will not get any forms or get any legal help from the clerk if you are filing in regular term court (non small claims courts) because it is against the law for them to offer you legal advice.
You may sue (file a summons & complaint) in a State jurisdiction where you reside, where the promising resides, or where the contract was executed and performed. So, you may have to go to the state court where the defendant resides, depending upon the circumstances. If more than one State is involved and the amount is more than $50,000 then you may sue in a Federal Court. But, all this goes beyond your question.
It is against the law for the court to offer you legal advice. It is not against the law for the court to offer forms for sale with examples of how to fill them out no matter which court they are used in. You will get these forms with non binding examples how to fill them out in my area.
Demand is simple but important, but none of you seems to understand it. In a true commercial context, you demand payment on a note by going to YOUR bank and having them put the item through for collection. If it's not paid, the bank will "protest" the item (make a formal demand for payment to a notary public at the bank) and then you can turn it over to counsel to file suit for collection.
In an non-commercial context, you go to Tim and say "Tim, pay me on this IOU/whatever." Or you send Tim a note that says that payment is due.
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∙ 13y ago
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What musical note is do?
It is the first note in the scale
Why does the piano keyboard start with the Key A?
Because C is the first note of the first scale in piano. A is the beginning of the alphabet, while C is the starting note on piano. On some pianos, A is the first note in the bass, making it the first note.
On the piano how many scales can you make if the first note has to be C or C sharp and the second note has to be Db D or Dsharp the third note has to be Eb or E ect to the last note has to be Bb or B?
None, because the first and last note have to be the same.
First note on musical scale?
Do
What is the first note of the octave?
c
When bill may be treated as promissory note?
Don't understand the question. A bill (or invoice) is NOT a promissory instrument (a promise to pay), instead - it is a demand for payment.
Is demand draft a promissory note?
no
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.
Promissory Note - Due on Demand (Personal)?
Get StartedA Due on Demand Promissory Note specifies the terms, rights, and obligations that apply to a loan. The party making the loan is the "Lender" and the party borrowing the loan funds is the "Borrower." The Note includes provisions regarding the amount of the loan, the interest rate, and the date by which the loan must be repaid. It also includes other general provisions that are important in enforcing the payment of the loan.A Due on Demand Promissory Note is payable "on demand." In other words, payable immediately at the request of the Lender.
What is the difference between a Secured Promissory Note and a Promissory Note?
A secured promissory note has collateral attached - usually an item/items of value or a deposit. If the note is not fulfilled, the creditor can seize the collateral as payment. An unsecured note has no collateral attached.
What is the definition of demand promissory note?
A promissory note is defined as an instrument in writing (not being a bank note or a currency note), containing an unconditional undertaking signed by the maker, to pay a certain sum of money only to or to the order of a certain person, or to the bearer of the instrument.
Promissory Note Due on Demand?
Get StartedThe Due on Demand Promissory Note is a document that specifies the terms, rights, and obligations that apply to a loan. The party making the loan is the "Lender" and the party borrowing the loan funds is the "Borrower." The Note includes provisions regarding the amount of the loan, the interest rate, the date by which the loan must be repaid, and general provisions for enforcing the repayment of the loan.Due on Demand Promissory Note is payable "on demand," meaning it must be paid immediately by the Borrower upon request by the Lender.
Wording for promissory note?
wording for promissory note with collateral
What is Currency notes?
A currency note is a banknote -- a type of negotiable instrument known as a promissory note, made by a bank, payable to the bearer on demand.
Does destroying a promissory note establish that the debt has been satisfied or is a release of promissory note required?
It would be best to keep the promissory note, ask for a release, or receipt of payment in full and, if there is any question in your mind regarding future issues, copies of the checks you used to pay the debt. If you paid cash, definitely get the release.
How to make a promissory note for the deficit of down payment for the tuition fee?
beg for mercy to your dean and take note, on your knees if you're starting to beg.
If you have a promissory note from a person who filed for bankruptcy in Texas can you still recover the money you were owed?
No. In fact, if the debt is paid after a bankruptcy has been filed the entire bankruptcy can be considered invalid and all other debtors will be able to demand payment.
