The long and short of it is--Yes. You signed a promissory note--you promised to pay and you haven't.
wording for promissory note with collateral
What do you mean "illegal"? If you signed a promissory note, and did not fulfill your end of the bargain, that individual or company can sue you. If you do not show up to defend yourself, they will get a default judgment and can garnish your wages.
No....a promissory note is not valid without a consideration.
She signed a promissory note as a commitment to repay the loan on time.
A promissory note is a fancy legal name for a legally phrased I.O.U.
The amount written on the face of a promissory note is called face value or principal. The date on which the promissory note is written is called the issue date.
Even though you file bankruptcy, you still have to honor the promissory note. If you are ordered to make installment payments then you will have to pay the promissory note in installments.
No, the amount of the promissory note is the face vale not maturity value. Maturity value is the value of the money on the promissory note after a period of time.
difference between bill of exchange and promissory note?
I needed to sign a promissory note for my student loan money.The bank is legally owed money when you sign a promissory note.The promissory note was only one page long but used complicated language.
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.