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.
Yes, these provisions are enforceable in Mesa, as long as they follow state laws. Just like any agreement, when both parties sign, it’s the name of the game!
You bet! It’s wise to have a lawyer take a look. They can help you understand what you’re getting into and ensure you’re not signing away your rights.
Sure thing! It’s always smart to hash out the details before putting pen to paper. Negotiating can make a big difference in your repayment terms.
If you default, the lender can move swiftly, obtaining a judgment against you without prior notice. It’s like a swift kick in the teeth when you least expect it!
Absolutely! Borrowers need to be cautious because it means they can be taken to court without a chance to contest the debt. It’s a double-edged sword, so to speak.