Legal Question in Real Estate Law in California

Re: Promissory Note

I'm about to sell a property in SoCal. This is a private sale. The buyer is located in NoCal. He and I agreed that he'll write a promissory note with details of the amount and payment schedules, sign it and then mail it to me via USPS. Upon receipt of the PN I find that the PN is not acceptable to me and I want to reject it for any reason, my questions are:

1. Upon the receipt of the PN by mail how many days do I have to object to or reject the PN?

2. Can he claim that my refusal to accept the PN means that the obligation is discharged under the UCC 3-603(b)?

3. Can he use a notary public to issue a protest on the instrument because of my refusal to accept the PN?

4. What are possible defenses and cures against that?

Thanks

Andre


Asked on 11/08/07, 7:36 pm

1 Answer from Attorneys
George Shers Law Offices of Georges H. Shers

Re: Re: Promissory Note

I do not know about some parts of your question. It also is unclear as to whether you have already received the PN or not.

Your are dealing with a contract. If you feel the PN might not be to your liking, why do you not write the PN. Unless you specify differently in your written agreement, minor disagreements with the language of the PN would not be sufficient to void the contract. You would have a reasonable time to object to the PN. I can not tell if you want to back out of the agreement or not. We can not give you a good answer without knowing your intentions and the exact wording of the PN.

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Answered on 11/09/07, 2:48 pm


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