This form is a Promissory Note with Confessed Judgment Provisions. The maker of the note promises to repay a loan received from the lender, with interest. The form provides that if the maker defaults upon the loan, the lender may exercise the option of demanding the immediate payment of the entire loan.
Absolutely! It’s a smart move to talk to a lawyer to fully understand what you’re getting into and to ensure everything’s above board.
Contesting a judgment can be tricky since you’ve agreed to the terms, but it’s possible to seek legal advice if you feel there’s a valid reason to challenge it.
Yes, these types of promissory notes are generally enforceable in Aurora, as long as they follow the state laws and regulations.
People often go for this type of promissory note because it offers lenders a quicker way to collect if things go south, making it a win-win for both parties.