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.
If you’re not comfortable with confessed judgment provisions, you can always decline to sign the note or negotiate to remove that clause. Remember, it’s your right to ensure you’re protected.
Absolutely! Negotiating the terms of a promissory note is not only possible, but it’s also smart. Don’t feel shy about discussing changes that make you more comfortable with the arrangement.
Before signing, make sure you understand all the terms and implications. It’s a good idea to read the fine print, and if something sounds fishy, don’t hesitate to consult a lawyer.
Yes, confessed judgment provisions are generally enforceable in Tucson, provided they meet certain legal standards. It’s important to ensure that they are clear and that the borrower had the opportunity to understand what they were agreeing to.