How to write a promissory note backed by property?
Q. My husband owes me $125,000. We keep everything separate and we're headed to Splitsville. Could you offer me some insight into how to handle this - I figure I need to get a promissory note, but, how can I legally enforce it. I mean, he's my husband ;for now, anyway; He has some separate land holdings but how do I declare them as the collateral in the promissory note. I also want to charge interest. I'm part of the long-term unemployed. Not much money to spend on lawyers. Thanks for your help.
Asked by B S - Tue Jul 6 23:52:26 2010 - - 8 Answers - 0 Comments
A. You are making the assumption that your husband will actually sign said note. If you are heading towards "Splitsville" as you say, chances are he is not signing anything. He can also easily say those monies were just used during the course of the marriage for the upkeep of the marriage without any expectation or discussion of repayment, since no loan existed. I could go on, but I seriously suggest you speak with an attorney.
Answered by Jordan M - Wed Jul 7 00:01:23 2010
Q. My husband owes me $125,000. We keep everything separate and we're headed to Splitsville. Could you offer me some insight into how to handle this - I figure I need to get a promissory note, but, how can I legally enforce it. I mean, he's my husband ;for now, anyway; He has some separate land holdings but how do I declare them as the collateral in the promissory note. I also want to charge interest. I'm part of the long-term unemployed. Not much money to spend on lawyers. Thanks for your help.
Asked by B S - Tue Jul 6 23:52:26 2010 - - 8 Answers - 0 Comments
A. You are making the assumption that your husband will actually sign said note. If you are heading towards "Splitsville" as you say, chances are he is not signing anything. He can also easily say those monies were just used during the course of the marriage for the upkeep of the marriage without any expectation or discussion of repayment, since no loan existed. I could go on, but I seriously suggest you speak with an attorney.
Answered by Jordan M - Wed Jul 7 00:01:23 2010
How does a promissory note work for a title to a house?
Q. I called a lawyer wanting to set up a consultation to set up a land contract to buy a house. He said his preference for me, and the owner I'm buying from, would work better if a promissory note was signed and a title search was done. He said in the end I would have the title and own equity, but the owner would own the house and it'd be like a lien til I paid it off. Does this make sense? Do you think the owner is likely to go this route rather than the land contract?
Asked by PlasticTrees - Thu Feb 15 16:43:48 2007 - - 1 Answers - 0 Comments
A. Yes... it make sense... what you're doing is buying the property on contract. It's a great way for many people you have less that perfect credit or maybe just no down payment to own property. It's only slightly different from getting a loan from the bank. Because in reality, when you get a loan from a bank, the bank actually "owns" the property until you pay it off. The only real risk involved in signing a promissory note is that if you are unable to make the payments in the future, many of them have a clause that says that the orignal owner gets the property back, and they keep everything that you've paid to date. Whereas a bank loan will normally afford the the opportunity to try and sell the property yourself and allow you to… [cont.]
Answered by JT - Sat Feb 17 12:55:10 2007
Q. I called a lawyer wanting to set up a consultation to set up a land contract to buy a house. He said his preference for me, and the owner I'm buying from, would work better if a promissory note was signed and a title search was done. He said in the end I would have the title and own equity, but the owner would own the house and it'd be like a lien til I paid it off. Does this make sense? Do you think the owner is likely to go this route rather than the land contract?
Asked by PlasticTrees - Thu Feb 15 16:43:48 2007 - - 1 Answers - 0 Comments
A. Yes... it make sense... what you're doing is buying the property on contract. It's a great way for many people you have less that perfect credit or maybe just no down payment to own property. It's only slightly different from getting a loan from the bank. Because in reality, when you get a loan from a bank, the bank actually "owns" the property until you pay it off. The only real risk involved in signing a promissory note is that if you are unable to make the payments in the future, many of them have a clause that says that the orignal owner gets the property back, and they keep everything that you've paid to date. Whereas a bank loan will normally afford the the opportunity to try and sell the property yourself and allow you to… [cont.]
Answered by JT - Sat Feb 17 12:55:10 2007
What is the present value of the promissory note?
Q. A $1,315,179.99 non-interest bearing promissory note is to be paid after 3 years. The annual rate of return is 6% compounded quarterly.
Asked by Roger - Mon Dec 7 06:30:59 2009 - - 1 Answers - 0 Comments
A. = $1,315,179.99/([1 + 0.06/4]^3 * 4) = $1,315,179.99/(1.015^12) = $1,315,179.99/1.195618171 41 = $1,100,000.00 Answer: $1,100,000.00
Answered by Jun Agruda - Mon Dec 7 06:38:20 2009
Q. A $1,315,179.99 non-interest bearing promissory note is to be paid after 3 years. The annual rate of return is 6% compounded quarterly.
Asked by Roger - Mon Dec 7 06:30:59 2009 - - 1 Answers - 0 Comments
A. = $1,315,179.99/([1 + 0.06/4]^3 * 4) = $1,315,179.99/(1.015^12) = $1,315,179.99/1.195618171 41 = $1,100,000.00 Answer: $1,100,000.00
Answered by Jun Agruda - Mon Dec 7 06:38:20 2009
Does a promissory note became null and void upon marriage?
Q. My soon to be ex-husband signed a promissory note to me before we got married. His attorney is saying that it was premarital and no longer counts. I live in Iowa, does anyone know the law reqarding this matter? Please help!
Asked by UFC_UNDISPUTED_CHAMP - Fri May 22 12:56:46 2009 - - 3 Answers - 0 Comments
A. A promisorry note can only be voided by a judge.
Answered by weisenheimer - Fri May 22 13:04:17 2009
Q. My soon to be ex-husband signed a promissory note to me before we got married. His attorney is saying that it was premarital and no longer counts. I live in Iowa, does anyone know the law reqarding this matter? Please help!
Asked by UFC_UNDISPUTED_CHAMP - Fri May 22 12:56:46 2009 - - 3 Answers - 0 Comments
A. A promisorry note can only be voided by a judge.
Answered by weisenheimer - Fri May 22 13:04:17 2009
What does it mean to submit a Master Promissory Note to the office of Student Financial Services?
Q. Okay, so I completed my Master Promissory Note online after getting a letter from my college stating that I needed to do so. But, it said to complete and 'submit' the document to the office of Student Financial Services. Does submit mean that I need to print out and fax them a copy of my M.P.N. or is it automatically sent to them electronically upon my completing it?
Asked by AmberEyes - Wed Jun 16 13:31:26 2010 - - 1 Answers - 0 Comments
A. it should be sent automatically when you do it electronically if u selected your school, but you should call your financial aid office to be sure.
Answered by jyazmin c - Wed Jun 16 18:35:04 2010
Q. Okay, so I completed my Master Promissory Note online after getting a letter from my college stating that I needed to do so. But, it said to complete and 'submit' the document to the office of Student Financial Services. Does submit mean that I need to print out and fax them a copy of my M.P.N. or is it automatically sent to them electronically upon my completing it?
Asked by AmberEyes - Wed Jun 16 13:31:26 2010 - - 1 Answers - 0 Comments
A. it should be sent automatically when you do it electronically if u selected your school, but you should call your financial aid office to be sure.
Answered by jyazmin c - Wed Jun 16 18:35:04 2010
What happens if a mortgage lender loses a promissory note?
Q. Is the lender out of luck on trying to receive payment if they admit to losing the promissory note?
Asked by lisadirect - Thu Oct 23 18:28:52 2008 - - 3 Answers - 0 Comments
A. Depending on what part of the country you are in, there may be two parts to your loan "contract". The legal contract containing the terms of the loan is called a promissory note. It specifies the principal amount, the interest rate, and the timing of the payments. The promissory note is collateralized, or secured, by a second document. Where I use to live, that was a mortgage deed which enabled the bank to foreclose if I didn't honor the promissory note. In other areas that security document is a trust deed, or even a contract deed. I KNOW the security document (mortgage deed, trust deed, contract deed) gets recorded, but I'm not sure the promissory note always gets recorded. You can goto the County Recorder and check what is recorded… [cont.]
Answered by AllCourt - Thu Oct 23 21:10:03 2008
Q. Is the lender out of luck on trying to receive payment if they admit to losing the promissory note?
Asked by lisadirect - Thu Oct 23 18:28:52 2008 - - 3 Answers - 0 Comments
A. Depending on what part of the country you are in, there may be two parts to your loan "contract". The legal contract containing the terms of the loan is called a promissory note. It specifies the principal amount, the interest rate, and the timing of the payments. The promissory note is collateralized, or secured, by a second document. Where I use to live, that was a mortgage deed which enabled the bank to foreclose if I didn't honor the promissory note. In other areas that security document is a trust deed, or even a contract deed. I KNOW the security document (mortgage deed, trust deed, contract deed) gets recorded, but I'm not sure the promissory note always gets recorded. You can goto the County Recorder and check what is recorded… [cont.]
Answered by AllCourt - Thu Oct 23 21:10:03 2008
how do I receive monies owed from promissory note when other party is stating that I altered the document?
Q. Promissory note for $8K with interest in hand other party returned demand letter stating that I altered the document.Totally false have other items with his handwriting. Where do I go after his denial of note???
Asked by rkuhnellpt - Sun Sep 23 16:33:01 2007 - - 3 Answers - 0 Comments
A. Unfortunately you need to see an attorney (if you must use an attorney make sure you get a referral from the bar association or local law school don't just use an attorney from TV or the yellow pages). The other alternative is to check and see what the maximum amount you can claim in small claims court. Some states allow up to a $10,000 claim. If you can go the small claims route it will probably be better since you can save the attorney fees. When you file the claim do not forget to include the interest. Also note that there are handwriting and documents experts that can verify that there has been no forgery. This person might just be counting on you dropping this and not pursing your claim. Good Luck
Answered by Margarita D - Sun Sep 23 17:02:36 2007
Q. Promissory note for $8K with interest in hand other party returned demand letter stating that I altered the document.Totally false have other items with his handwriting. Where do I go after his denial of note???
Asked by rkuhnellpt - Sun Sep 23 16:33:01 2007 - - 3 Answers - 0 Comments
A. Unfortunately you need to see an attorney (if you must use an attorney make sure you get a referral from the bar association or local law school don't just use an attorney from TV or the yellow pages). The other alternative is to check and see what the maximum amount you can claim in small claims court. Some states allow up to a $10,000 claim. If you can go the small claims route it will probably be better since you can save the attorney fees. When you file the claim do not forget to include the interest. Also note that there are handwriting and documents experts that can verify that there has been no forgery. This person might just be counting on you dropping this and not pursing your claim. Good Luck
Answered by Margarita D - Sun Sep 23 17:02:36 2007
What legal actions can I take with a promissory note?
Q. I made a promissory note made by a lawyer when a friend of mine borrowed 100,000 and promised to give it back in 3 months with 50,000 extra. At the time, I thought the offer was too good to refuse. Its been over a year now and he hasn't given it back. He keeps making excuses that he will give it back soon, but I doubt he will give it back. What legal action can I take against him with the promissory note?
Asked by desiguyinnc - Sun Dec 14 13:47:29 2008 - - 1 Answers - 0 Comments
A. Hire a lawyer and take him to court. The amount here is too large for small claims court. Good luck trying to the money. I figure this will be like trying to squeeze blood from a rock.
Answered by David M - Sun Dec 14 13:57:59 2008
Q. I made a promissory note made by a lawyer when a friend of mine borrowed 100,000 and promised to give it back in 3 months with 50,000 extra. At the time, I thought the offer was too good to refuse. Its been over a year now and he hasn't given it back. He keeps making excuses that he will give it back soon, but I doubt he will give it back. What legal action can I take against him with the promissory note?
Asked by desiguyinnc - Sun Dec 14 13:47:29 2008 - - 1 Answers - 0 Comments
A. Hire a lawyer and take him to court. The amount here is too large for small claims court. Good luck trying to the money. I figure this will be like trying to squeeze blood from a rock.
Answered by David M - Sun Dec 14 13:57:59 2008
Does signing a Promissory Note mean that I got accepted for my student loan?
Q. When I applied for my Student Loan, the Promissory Note popped up and I was wondering.. If I sign it, does that mean that I got the loan?
Asked by nmrenard - Thu Jul 30 20:37:59 2009 - - 2 Answers - 0 Comments
A. nmr: This loan that you applied for - was it a Stafford loan? When you received your aid offer letter from your school, did it include the option to borrow from the Stafford lending program? It would have said something like Fed Stafford sub $3500 Fed Stafford unsub $2000 If this is a Stafford loan you are talking about, then yes, you were already approved to begin with - because the Stafford is guaranteed by the Department of Education, students who are offered the loan automatically qualify. There wouldn't have been any questions about your income or your assets or your debts on the application - that should have been a clue to you, right there. When you apply for the Stafford, you pick a lender, you fill out some identifying… [cont.]
Answered by NotAnyoneYouKnow - Thu Jul 30 21:09:01 2009
Q. When I applied for my Student Loan, the Promissory Note popped up and I was wondering.. If I sign it, does that mean that I got the loan?
Asked by nmrenard - Thu Jul 30 20:37:59 2009 - - 2 Answers - 0 Comments
A. nmr: This loan that you applied for - was it a Stafford loan? When you received your aid offer letter from your school, did it include the option to borrow from the Stafford lending program? It would have said something like Fed Stafford sub $3500 Fed Stafford unsub $2000 If this is a Stafford loan you are talking about, then yes, you were already approved to begin with - because the Stafford is guaranteed by the Department of Education, students who are offered the loan automatically qualify. There wouldn't have been any questions about your income or your assets or your debts on the application - that should have been a clue to you, right there. When you apply for the Stafford, you pick a lender, you fill out some identifying… [cont.]
Answered by NotAnyoneYouKnow - Thu Jul 30 21:09:01 2009
can I get someone arrested for non payment on a promissory note?
Q. I lent an ex boyfriend a LARGE sum of money in Nov.2009 which he signed a promissory note to pay back. He has never paid anything on it. I don't have the money to sue him over this in a court and was wondering if I could contact the police in the town and get some sort of criminal charges filed against him. Is that possible? So anyone can commit grand theft by signing a promissory note?
Asked by lin a - Tue Jun 22 15:52:30 2010 - - 4 Answers - 0 Comments
A. No, that is civil. The exception would be if you can prove it was his intent to defraud you from the start, then it may be criminal fraud.
Answered by Bruce - Tue Jun 22 15:55:12 2010
Q. I lent an ex boyfriend a LARGE sum of money in Nov.2009 which he signed a promissory note to pay back. He has never paid anything on it. I don't have the money to sue him over this in a court and was wondering if I could contact the police in the town and get some sort of criminal charges filed against him. Is that possible? So anyone can commit grand theft by signing a promissory note?
Asked by lin a - Tue Jun 22 15:52:30 2010 - - 4 Answers - 0 Comments
A. No, that is civil. The exception would be if you can prove it was his intent to defraud you from the start, then it may be criminal fraud.
Answered by Bruce - Tue Jun 22 15:55:12 2010
How long does it take to recieve your check in the mail after signing a promissory note for a student loan?
Q. i did it through keybank online and i mailed in my promissory note about a week ago. how much longer should i expect to wait for my check in the mail?
Asked by Coddle Stripes & Horse Shoe Rain - Fri Sep 14 04:31:06 2007 - - 3 Answers - 0 Comments
A. You actually won't be receiving a check in the mail. The check will be made out to both you and the school and will be mailed to the school. Most lenders will actually send it electronically. You should check with a financial aid officer at your school. S/he can help you figure out when to expect the money. Good luck!
Answered by caba - Fri Sep 14 05:17:19 2007
Q. i did it through keybank online and i mailed in my promissory note about a week ago. how much longer should i expect to wait for my check in the mail?
Asked by Coddle Stripes & Horse Shoe Rain - Fri Sep 14 04:31:06 2007 - - 3 Answers - 0 Comments
A. You actually won't be receiving a check in the mail. The check will be made out to both you and the school and will be mailed to the school. Most lenders will actually send it electronically. You should check with a financial aid officer at your school. S/he can help you figure out when to expect the money. Good luck!
Answered by caba - Fri Sep 14 05:17:19 2007
.Explain the difference between a promissory note, a line of credit, and a revolving credit agreement?
Q. Explain the difference between a promissory note, a line of credit, and a revolving credit agreement? Are they mutually exclusive? That is, might one be part of the other?
Asked by collegemomagain - Mon Jun 25 15:29:02 2007 - - 2 Answers - 0 Comments
A. From the standpoint of the borrower, a promissory note is a debt obligation where the full amount if borrowed at one point in time and the payment obligation and interest are set forth in the note itself. Usually it will be due at some future maturity date, with the note being able to be called during certain contingencies. You may or may not be able to prepay it and it may or may not be secured (i.e., if you default, they may be able to have a priority interest in claiming secured assets or they may be pari passu with other unsecured creditors). A line of credit is an arrangement where a certain maximum can be borrowed and you only pay interest on the amount borrowed (its sort of like a credit card). A revolver is a variant of a line… [cont.]
Answered by Bronzebeardanswerer - Mon Jun 25 16:00:04 2007
Q. Explain the difference between a promissory note, a line of credit, and a revolving credit agreement? Are they mutually exclusive? That is, might one be part of the other?
Asked by collegemomagain - Mon Jun 25 15:29:02 2007 - - 2 Answers - 0 Comments
A. From the standpoint of the borrower, a promissory note is a debt obligation where the full amount if borrowed at one point in time and the payment obligation and interest are set forth in the note itself. Usually it will be due at some future maturity date, with the note being able to be called during certain contingencies. You may or may not be able to prepay it and it may or may not be secured (i.e., if you default, they may be able to have a priority interest in claiming secured assets or they may be pari passu with other unsecured creditors). A line of credit is an arrangement where a certain maximum can be borrowed and you only pay interest on the amount borrowed (its sort of like a credit card). A revolver is a variant of a line… [cont.]
Answered by Bronzebeardanswerer - Mon Jun 25 16:00:04 2007
buyer of a short sale having to sign a promissory note?
Q. We are hoping to purchase a home that is a short sale. The seller's mortgage insurance company will agree to our offer if we sign a promissory note to them, has anyone ever heard of this or had any experience with this?
Asked by chicub - Tue Jul 14 09:46:41 2009 - - 6 Answers - 0 Comments
A. uh...insurance company? Never heard of such a thing. I'd ask my real estate atty to review it.
Answered by wizjp - Tue Jul 14 09:53:31 2009
Q. We are hoping to purchase a home that is a short sale. The seller's mortgage insurance company will agree to our offer if we sign a promissory note to them, has anyone ever heard of this or had any experience with this?
Asked by chicub - Tue Jul 14 09:46:41 2009 - - 6 Answers - 0 Comments
A. uh...insurance company? Never heard of such a thing. I'd ask my real estate atty to review it.
Answered by wizjp - Tue Jul 14 09:53:31 2009
who do you use as a reference for your student aid promissory note?
Q. so for the federal loans I have to complete an electronic master promissory note, and it asks for references. are these supposed to be anything specific? academic references? work references? lending references? or can it just be personal references, like family or friends?
Asked by Steve Stove - Sat May 2 19:22:45 2009 - - 1 Answers - 0 Comments
A. For me - I used my cousin name.
Answered by lovelywhitely - Sat May 2 21:45:28 2009
Q. so for the federal loans I have to complete an electronic master promissory note, and it asks for references. are these supposed to be anything specific? academic references? work references? lending references? or can it just be personal references, like family or friends?
Asked by Steve Stove - Sat May 2 19:22:45 2009 - - 1 Answers - 0 Comments
A. For me - I used my cousin name.
Answered by lovelywhitely - Sat May 2 21:45:28 2009
what web address is the promissory note for Stafford loans?
Q. I am waiting for the promissory from financial aid to come through so i can electronically sign it. I am suppose to be checking online when the note will be ready but I lost the web address. this is the phase after accepting the loans and now I'm waiting for it to be finally given to me. The website is something like eddirect.net? or something like that I know its not that but I don't know I forgot.
Asked by sainto maria vicente - Thu Jan 28 19:33:10 2010 - - 1 Answers - 0 Comments
A. every school has different loans like direct loan, sallie mae, etc. you need to call them and ask them, because people on here might send you to a fake pharming Web site to steal your information.
Answered by Smilenowplease - Thu Jan 28 19:47:55 2010
Q. I am waiting for the promissory from financial aid to come through so i can electronically sign it. I am suppose to be checking online when the note will be ready but I lost the web address. this is the phase after accepting the loans and now I'm waiting for it to be finally given to me. The website is something like eddirect.net? or something like that I know its not that but I don't know I forgot.
Asked by sainto maria vicente - Thu Jan 28 19:33:10 2010 - - 1 Answers - 0 Comments
A. every school has different loans like direct loan, sallie mae, etc. you need to call them and ask them, because people on here might send you to a fake pharming Web site to steal your information.
Answered by Smilenowplease - Thu Jan 28 19:47:55 2010
Would fraud constitute braking a promissory note?
Q. In a situation where someone bought a house "as is," and the problems with the house we NOT disclosed (which in Arizona is considered and misrepresentation) would the home buyer, via Promissory note be able to forgo repaying, and leave the house without penelty? If you need more details, please ask and check back.
Asked by xxbashful_babydxx - Wed Aug 26 13:57:49 2009 - - 3 Answers - 0 Comments
A. The seller can only disclose things they know about, and if they say they didn't know about what ever it is that came up its going to be your problem. You should ask the lawyer or your Realtor (better your lawyer) whats going on in that case If you bought the house foregoing the use of a realator or lawyer, then you have probably opened yourself to a whole world of hurt
Answered by Robert G - Wed Aug 26 14:11:04 2009
Q. In a situation where someone bought a house "as is," and the problems with the house we NOT disclosed (which in Arizona is considered and misrepresentation) would the home buyer, via Promissory note be able to forgo repaying, and leave the house without penelty? If you need more details, please ask and check back.
Asked by xxbashful_babydxx - Wed Aug 26 13:57:49 2009 - - 3 Answers - 0 Comments
A. The seller can only disclose things they know about, and if they say they didn't know about what ever it is that came up its going to be your problem. You should ask the lawyer or your Realtor (better your lawyer) whats going on in that case If you bought the house foregoing the use of a realator or lawyer, then you have probably opened yourself to a whole world of hurt
Answered by Robert G - Wed Aug 26 14:11:04 2009
can you go to jail for a breech of contract on a promissory note?
Q. not paying off a promissory note loan, can you go to jail?
Asked by justjen1027 - Wed Apr 11 04:05:05 2007 - - 7 Answers - 0 Comments
A. no. Its strictly a civil case. Its one of the reason why the US revolted against England.
Answered by slew - Wed Apr 11 04:14:34 2007
Q. not paying off a promissory note loan, can you go to jail?
Asked by justjen1027 - Wed Apr 11 04:05:05 2007 - - 7 Answers - 0 Comments
A. no. Its strictly a civil case. Its one of the reason why the US revolted against England.
Answered by slew - Wed Apr 11 04:14:34 2007
how do i go about collecting on a promissory note?
Q. i have a promissory note from about 12 years ago, and i would like to collect it, where do i start?
Asked by svend - Sun Feb 4 20:37:39 2007 - - 5 Answers - 0 Comments
A. May be too late but: 1. Find the person who owes the money. 2. Write them a letter and keep a copy. 3. If they don't respond or respond in a way you would like them to write them a certified letter giving them a reasonable time to respond ie. 90 days, 60 days, etc. (The more they owe the more time you should give them). 4. Again, if they don't respond or respond the way you would like them to, write them a letter saying that you will take them to court if they don't pay up. 5. Wait about 30 days or 60 days, depending on your state, (Look that up on your state's attorney general's web site), then file for a law suit. If it is under a certain amount you go to small claims court. If it is over that amount and you still want to go ahead… [cont.]
Answered by Joleen D - Sun Feb 4 20:56:43 2007
Q. i have a promissory note from about 12 years ago, and i would like to collect it, where do i start?
Asked by svend - Sun Feb 4 20:37:39 2007 - - 5 Answers - 0 Comments
A. May be too late but: 1. Find the person who owes the money. 2. Write them a letter and keep a copy. 3. If they don't respond or respond in a way you would like them to write them a certified letter giving them a reasonable time to respond ie. 90 days, 60 days, etc. (The more they owe the more time you should give them). 4. Again, if they don't respond or respond the way you would like them to, write them a letter saying that you will take them to court if they don't pay up. 5. Wait about 30 days or 60 days, depending on your state, (Look that up on your state's attorney general's web site), then file for a law suit. If it is under a certain amount you go to small claims court. If it is over that amount and you still want to go ahead… [cont.]
Answered by Joleen D - Sun Feb 4 20:56:43 2007
The liability of the endorser is conditioned on the validity of bill of exchange of promissory note.?
Q. The liability of endorser is conditioned on the validity of bill of exchange of promissory note. The endorser's obligation, being accessory is valid ony if the principal obligation is valid. Where an instrument with maker or drawer's signature is forged and he refuses to pay, may the holder go after the indorser? Why?
Asked by che2x - Sun Jul 27 21:39:03 2008 - - 1 Answers - 0 Comments
A. Yes because the endorser implicitly benefited from the exchange
Answered by jwishz - Tue Jul 29 15:04:11 2008
Q. The liability of endorser is conditioned on the validity of bill of exchange of promissory note. The endorser's obligation, being accessory is valid ony if the principal obligation is valid. Where an instrument with maker or drawer's signature is forged and he refuses to pay, may the holder go after the indorser? Why?
Asked by che2x - Sun Jul 27 21:39:03 2008 - - 1 Answers - 0 Comments
A. Yes because the endorser implicitly benefited from the exchange
Answered by jwishz - Tue Jul 29 15:04:11 2008
If some1 is given a negotiable promissory note 4 a payment & that person gives it2 a bank who is held respons?
Q. Tom Harrison buys a $600 automobile from Acme Motor Company, giving the seller $100 and his negotiable promissory note for $500 payable in 90 days. Acme transfer the note to Broadway Bank. Must Acme pay if Harrison does not pay when the note is presented? Thank you for all your help
Asked by Humza - Tue Aug 24 12:41:12 2010 - - 2 Answers - 0 Comments
Q. Tom Harrison buys a $600 automobile from Acme Motor Company, giving the seller $100 and his negotiable promissory note for $500 payable in 90 days. Acme transfer the note to Broadway Bank. Must Acme pay if Harrison does not pay when the note is presented? Thank you for all your help
Asked by Humza - Tue Aug 24 12:41:12 2010 - - 2 Answers - 0 Comments
From Yahoo Answer Search: 'Promissory note'
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National Business Review ... months to March 31, after revaluing the collateral behind a $US7.16 million promissory note due to be repaid by its predecessor, SSH LLC, in October. ...
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Stephen Gandel
ue, 24 Aug 2010 19:32:49 GM
If at the expiration of the warrant, the warrant issuer still doesn't have enough equity to settle the debt, a . promissory note. could fill the gap. 2) Likewise, in a refinancing scenario, the negative equity could be reconciled with an ...
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