Legal Question in Credit and Debt Law in California

Promissory Note Assignment

A friend wants to assign promissory note to me. The note is against the loans in cash to another indivudual during 2001 and 2002. The value of the note is $62,000 + interest. Only a copy of the note is available. How should he make this assignment to me (and how he shuould authenticate this document) so everything would be top notch legal, so I can start collection process on this note.


Asked on 4/28/09, 3:02 am

3 Answers from Attorneys
Robert F. Cohen Law Office of Robert F. Cohen

Re: Promissory Note Assignment

Depending on when the note became due, it might be uncollectable because of the four-year statute of limitation. Beware.

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Answered on 4/28/09, 3:49 am
Larry Rothman Larry Rothman & Associates

Re: Promissory Note Assignment

You can assign a promissory note. You have to make sure that the statute of limitations (4 years from date of breach) has not run. Please contact us if you have any more questions.

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Answered on 4/29/09, 11:34 am
OCEAN BEACH ASSOCIATES OCEAN BEACH ASSOCIATES

Re: Promissory Note Assignment

Don't pay anything for it if payments are not current or within the last 4 years as the statute of limitations may make it worthless. Contact me directly.

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Answered on 4/28/09, 6:53 pm


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