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).

https://www.facebook.com/californialaw

https://www.linkedin.com/pub/webb-bordson-pc/44/a65/761
https://plus.google.com/b/109883463124526667299

Make sure to like, share, and comment on this video! https://youtu.be/JBHJBTTLHIs

Tags – san diego business lawyer, san diego ca business lawyer, san diego california business lawyer, business lawyer san diego, business lawyer san diego ca, business lawyer san diego california, san diego business attorney, san diego ca business attorney, san diego california business attorney, business attorney san diego, business attorney san diego ca, business attorney san diego california

More info on San Diego Business Lawyer 619 399 7700

  • Sempra Energy

    When autocomplete results are available use up and down arrows to review and enter to select. Touch device users, explore by touch or with swipe gestures.

  • Changing The City’s Tune

    AB: On December 30th, Gloria signed an executive order directing the police and City Attorney's Office ... AT LEAST ONE BUSINESS DID HAVE A WINDOW BROKEN- San Diego Mayor Todd gloria is responding ...

  • San Diego Delivery Drivers Laid Off As Prop 22 Takes Effect

    a law professor at the University of San Diego who specializes in labor law. Lobel said businesses like grocery stores are now encouraged to use gig workers after the passage of Prop 22 ...

  • Open for Business Directory

    A new year is upon us, and to help local businesses, workers and the community recover from the impact of the pandemic, The San Diego Union-Tribune invites you to list your business in print and ...

  • Hundreds of state prison inmates in San Diego County sickened with COVID-19

    San Diego County jails also have experienced serious infection rates in recent weeks and months. The Sheriff’s Department on Tuesday reported that a total of 399 inmates and 235 staff members ...

  • Lloyd's Market Directory

    Open market correspondent A firm that produces business to a Lloyd’s broker for placement on an open market basis. Lloyd’s requires that firms in certain overseas territories must be approved or ...

  • Lloyd's Market Directory

    Open market correspondent A firm that produces business to a Lloyd’s broker for placement on an open market basis. Lloyd’s requires that firms in certain overseas territories must be approved or ...

  • The Revolution in Family Law Dispute Resolution

    In the past fifty years, the revolution in American family law led to a revolution in family law dispute resolution. Virtually every aspect of divorce law has been transformed since the Mad Men era, ...

  • Interview with Randy Lowry - Views from the Eye of the Storm

    Randy has served as a visiting professor at Vermont Law School, University of New Mexico, University of Idaho, Abilene Christian University, Hamline University (Modena, Italy), City University of Hong ...

Leave a Reply

Your email address will not be published. Required fields are marked *