Colorado Complaint for Past Due Promissory Note

State:
Multi-State
Control #:
US-01126BG
Format:
Word; 
Rich Text
Instant download

Description

The form is a complaint for a default on payments due pursuant to a promissory note. The complaint adopts the "notice pleadings" format of the Federal Rules of Civil Procedure, which have been adopted by most states in one form or another.


This form is a generic example that may be referred to when preparing such a form for your particular state. It is for illustrative purposes only. Local laws should be consulted to determine any specific requirements for such a form in a particular jurisdiction.

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FAQ

Promissory notes are legally binding whether the note is secured by collateral or based only on the promise of repayment. If you lend money to someone who defaults on a promissory note and does not repay, you can legally possess any property that individual promised as collateral.

If the borrower does not repay you, your legal recourse could include repossessing any collateral the borrower put up against the note, sending the debt to a collection agency, selling the promissory note (so someone else can try to collect it), or filing a lawsuit against the borrower.

In Colorado, the general breach of contract statute of limitation, whether the contract is oral or written, is three years. However, if a contract is for a ?liquidated debt? or for an ?unliquidated determinable amount,? it is subject to a six-year limitations period.

Promissory notes have a statute of limitations. Depending on which U.S. state you live in, a written loan agreement may expire 3?15 years after creation.

If the debtor fails to pay the debt specified in the promissory note, no other evidence of a breach of contract is necessary to enforce that debt. To enforce a promissory note, you will likely need to: sue the debtor of the note. get a judgment from the court.

You can take them to small claims court if you're having difficulty collecting payment. You will need to bring a copy of the promissory note and other relevant documents, such as communications between you and the borrower regarding the loan. The court will then decide whether to rule in your favor.

If the borrower does not repay you, your legal recourse could include repossessing any collateral the borrower put up against the note, sending the debt to a collection agency, selling the promissory note (so someone else can try to collect it), or filing a lawsuit against the borrower.

Promissory Notes Are Legal Contracts A promissory note or promissory letter is a legal instrument similar in nature to any common law contract. In order for a contract to be enforceable, it must contain certain legal conditions such as an offer and an acceptance of that offer.

A promissory note could become invalid if: It isn't signed by both parties. The note violates laws. One party tries to change the terms of the agreement without notifying the other party.

How Long Do I Have to Enforce a Promissory Note? Under C.R.S. 13-80-103.5, the right to collect on any debt is forfeited after six years. A creditor learned this the hard way in one Colorado case.

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Colorado Complaint for Past Due Promissory Note