This form is a Complaint concerning a promissory note. The complaint provides that the maker was unable to pay the balance due on a loan advanced by the lender. Lenders now demand judgment against the defendants as guarantors of the loan received by the maker.
Texas Complaint regarding Action by Bank to Recover on Note After Application of Security Proceeds
State:
Multi-State
Control #:
US-CMP-10075
Format:
Word
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How to fill out Complaint Regarding Action By Bank To Recover On Note After Application Of Security Proceeds?
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FAQ
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.
An unsecured promissory note does not use collateral. If the borrower defaults on the loan, the lender's only means of enforcement is by filing a lawsuit against the borrower.
If a borrower defaults on a loan, the lender may pursue legal action to collect the remaining loan balance. The promissory note will typically outline the actions the lender may take in the event of a default, such as hiring a collection agency or filing a lawsuit.
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.
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.
Losing the original note or a copy The original copy of a valid promissory note is usually held by the lender, but the borrower should also keep a copy of the signed document. If the borrower does not repay the loan, the lender can pursue appropriate legal action.
If the borrower fails to pay on time or in full, they may be held financially liable for breach of contract. The creditor can pursue civil litigation against them and ask for repayment plus interest, fees, court costs, and other associated damages.
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.
