WB Law Group, a San Diego business lawyer (http://wblawgroup.com/how-to-collect-on-a-promissory-note/), talks about how to collect on a promissory note.
A promissory note is a signed and legally binding document containing a written promise by the borrower to pay a stated sum to a specified person or the bearer at a specified date or on demand. Promissory notes are used for a wide variety of loans including but not limited to bank loans, commercial loans, student loans and real-estate loans. A promissory note can grant the loaner legal recourse in the event that the promissory note is not complied with in a timely manner, but there are certain considerations to make before legal recourse can be determined possible. Some of these considerations will be discussed along with how to collect on a promissory note once you have determined that you have the right to legal recourse.
Statute of Limitations
The statute of limitations in California for an action upon any contract, obligation, or liability founded upon an instrument of writing, an example being a promissory note, is four years from the breach.
Organize All Related Documentation
It is important to ensure that all of your signed documentation is in place and that it has all been thoroughly reviewed. If you do not have signed, written proof of the agreement, you do not have a case.
Contact the Borrower
You must make a first attempt to contact the borrower through a written note requesting repayment. The letter should include a copy of the promissory note with a statement of the amount due. If this letter is ignored, you will need to move on to the next step.
Hire an Attorney
A promissory note is a legally binding document and you may be able to take legal recourse if your letter is ignored or the borrower is refusing to repay the promissory note. Your attorney will be able to determine if legal recourse is possible or reasonable given the circumstances, and advise you how to proceed.
Hiring a Reputable Attorney For Resolving Promissory Note Legal Issues
Are you having trouble collecting on a promissory note or do you feel that another company is trying to illegally collect on one from you? Hiring a reputable attorney to represent you in your case will grant you the best possible chance of success in matters involving promissory note agreements.
WB Law Group has years of experience resolving matters involving promissory notes and other legal agreements. For questions, or to schedule a consultation, contact us today at 559.431.4888 (Fresno) or 619.399.7700 (San Diego).
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