[Your Name] [Your Address] [City, State, Zip Code] [Email Address] [Phone Number] [Date] [Name of Lender] [Title] [Company Name] [Address] [City, State, Zip Code] Dear [Name of Lender], Subject: Request for Extension of Time on Promissory Note I hope this letter finds you well. I am writing to formally request an extension of time on the promissory note dated [Date of Promissory Note] for the loan amount of [Loan Amount]. As you may recall, I entered into a promissory note agreement with your esteemed institution to repay the loan in the agreed installments. However, due to unexpected circumstances and financial difficulties, I am unable to adhere to the original repayment schedule. I am fully committed to fulfilling my obligations, and I believe that requesting an extension of time will allow me to rectify this temporary setback and continue repayment as per the revised terms. I kindly request your understanding and consent for an extension of [timeframe to be extended, e.g., 60 days], granting me additional time to arrange the necessary funds for repayment. Furthermore, I would like to highlight that my financial circumstances have been affected by [briefly explain the reasons for the financial difficulty]. However, I am actively working towards resolving these issues and ensuring that my financial stability is restored. In order to demonstrate my commitment and willingness to repay the outstanding loan, I am enclosing [documents or evidence supporting your repayment plan, e.g., an updated repayment schedule or any relevant financial documents] for your review. Additionally, I am open to discussing alternative solutions or additional terms that you may find suitable. I understand that any modifications to the original agreement are subject to your approval, and I assure you that I will diligently adhere to the revised terms. It is of utmost importance to me to maintain a positive relationship with your institution by fulfilling my obligations. I kindly request your prompt attention to this matter and appreciate your consideration of my request for an extension of time. I am available at your convenience to discuss any details or provide further information required. Thank you very much for your understanding and cooperation. Your assistance in providing this extension will greatly relieve my current financial burden. Please consider my sincere request and communicate your decision at your earliest convenience. I eagerly await your favorable response. Yours sincerely, [Your Name]
Louisiana Sample Letter for Request for Extension of Time on Promissory Note
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How to fill out Louisiana Sample Letter For Request For Extension Of Time On Promissory Note?
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FAQ
A promissory note extension is a legal document allowing an extension on the borrower's period in paying back a loan. For example, if a borrower has problems paying back their loan, or if the lender is asking for less time to repay it, the borrower can request an extension of their promissory notes.
(a) Except as provided in Subsection (e), an action to enforce the obligation of a party to pay a note payable at a definite time must be commenced within five years after the due date or dates stated in the note or, if a due date is accelerated, within five years after the accelerated due date.
While the statute of limitations on an action in an obligation, liability, or contract is four years, Commercial Code Section 3118(a) gives a statute of limitations of six years for an action to be enforced on the party to pay their promissory note. This time period starts from the due date that's listed on the note.
A promissory note is a written agreement to pay someone essentially an IOU. But it's not something to be taken lightly. "It is a legally binding written document effectuating a promise to repay money," says Andrea Wheeler, a business attorney and owner of Wheeler Legal PLLC of Florida.
Limitation period Section 5 of the Limitation Act 1980 applies to any claims related to promissory notes as it is a contractual claim meaning that after 6 years of the cause of action a claim cannot be brought.
A promissory note must include the date of the loan, the dollar amount, the names of both parties, the rate of interest, any collateral involved, and the timeline for repayment. When this document is signed by the borrower, it becomes a legally binding contract.
Circumstances for Release of a Promissory NoteThe debt owed on a promissory note either can be paid off, or the noteholder can forgive the debt even if it has not been fully paid. In either case, a release of promissory note needs to be signed by the noteholder.
What Happens When a Promissory Note Is Not Paid? Promissory notes are legally binding documents. Someone who fails to repay a loan detailed in a promissory note can lose an asset that secures the loan, such as a home, or face other actions.
(a) Except as provided in Subsection (e), an action to enforce the obligation of a party to pay a note payable at a definite time must be commenced within five years after the due date or dates stated in the note or, if a due date is accelerated, within five years after the accelerated due date.
All Promissory Notes are valid only for a period of 3 years starting from the date of execution, after which they will be invalid. There is no maximum limit in terms of the amount which can be lent or borrowed.
