[Your Name] [Your Address] [City, State, ZIP Code] [Email Address] [Phone Number] [Date] [Recipient's Name] [Recipient's Designation] [Name of Financial Institution] [Address] [City, State, ZIP Code] Subject: Request for Extension of Time on Promissory Note Dear [Recipient's Name], I hope this letter finds you in good health and high spirits. I am writing to formally request an extension of time on the promissory note dated [date of promissory note], regarding the loan account number [loan account number]. Due to unforeseen circumstances, I am currently facing some financial setbacks and need additional time to fulfill my obligation as per the terms of the promissory note. I have encountered unexpected medical expenses and a temporary loss of employment, which have significantly affected my ability to meet the scheduled repayment deadline on [due date]. I want to assure you that despite the current challenges, I am fully committed to honoring my financial responsibilities. To this end, I kindly request an extension of [number of days/weeks/months] to allow for a more realistic timeframe within which I can successfully fulfill my obligation under the promissory note. I understand that any extension granted will be subject to the institution's policies and terms. Therefore, I am willing to accept any revised terms, such as an adjustment in interest rate or an increase in the installment amount, to accommodate the extension request. I am also open to discussing alternative arrangements that would suit both parties involved. I apologize for any inconvenience caused and truly appreciate your understanding and consideration in this matter. Furthermore, I genuinely appreciate the flexibility and support your institution offers its customers, and I believe that a short extension will enable me to overcome these temporary financial hurdles and remain in good standing. To facilitate the process further, I have attached supporting documents detailing my current financial circumstances, such as recent bank statements, medical bills, and proof of unemployment. These documents provide a comprehensive overview of my situation and substantiate the need for an extension. I kindly request your prompt attention to this matter and would be grateful if you could communicate your decision regarding my request within [reasonable time frame]. If granted, I am committed to promptly resuming regular payments as per the revised schedule as soon as I regain stability in my financial situation. Thank you for your time, consideration, and understanding. Should you require any additional information or documentation, please do not hesitate to contact me at [phone number] or via email at [email address]. I am eager to work together with your institution to find a mutually beneficial solution. Yours sincerely, [Your Name]
South Dakota Sample Letter for Request for Extension of Time on Promissory Note
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How to fill out Sample Letter For Request For Extension Of Time On Promissory Note?
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FAQ
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.
Even if you have the original note, it may be void if it was not written correctly. If the person you're trying to collect from didn't sign it and yes, this happens the note is void. It may also become void if it failed some other law, for example, if it was charging an illegally high rate of interest.
How to Write a Promissory NoteDate.Name of the lender and borrower.Loan amount.Whether the loan is secured or unsecured. If it's secured with collateral: What is the collateral?Payment amount and frequency.Payment due date.Whether the loan has a cosigner, and if so, who.
How to Modify a Promissory NoteIdentify the terms of the note that are creating difficulty in repayment.Communicate your need to modify the terms of the note to the note holder.Have the holder of the note draft modifications to the original note.Sign and notarize the modified promissory note.
Depending on which state you live in, the statute of limitations with regard to promissory notes can vary from three to 15 years. Once the statute of limitations has ended, a creditor can no longer file a lawsuit related to the unpaid promissory note.
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.
Days of grace. Every promissory note or bill of exchange which is not expressed to be payable on demand, at sight or on presentment is at maturity on the third day after the day on which it is expressed to be payable.
Amending a promissory note is a legal process by which parties can denote changes to the original contract and continue with the terms of the agreement as set forth. Canceling a promissory note is a process that will lead the note to become null and void.
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.
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.
