QUESTION
I want to find out what I can do about a promissory note that is in default. First payment of $10,000 almost 30 days behind.
Asked on Jul 30th, 2018 on Breach of Contract - Florida
More details to this question:
I have a promissory note for $20,000 which was to be paid in 2 payments of $10,000. First payment was to be on July 6th and the second is to be on Sept 6th. This is for maintenance and repairs done on a home her in Longwood.
1 ANSWER
Assuming no contrary provisionin the note (for example, a clause requiring that any dispute be arbitrated), you could sue the debtor for breach of contract. If this is a standard promissory note it will have an acceleration clause providing for the entire debt to become due upon default. If there is no acceleration clause, your claim is only for the installment which is late, and you would have to wait until September 6 to have a claim for the full amount.
Answered on Jul 30th, 2018 at 11:02 AM