Legal Question in Civil Litigation in Florida
Promissory Note Default
We issued a promissory note to individuals, who agreed on the terms, signed, and note was witnessed and they have now defaulted. The note states explicity legal action to be taken and can also be implemented with ''pay on demand''. Would it be advisable to seek legal assistance, especially since the amount does not qualify for small claims? Thank you.
3 Answers from Attorneys
Re: Promissory Note Default
Of course. If the Promissory Note was properly drafted, there should be default provisions which include default interest which is usually at the highest rate allowable by law, attorney's fees, and all court costs.
This is a serious legal matter and you should seek the advice of a competent attorney in your area to carefully this matter.
Scott R. Jay, Esq., 305-249-8000
Re: Promissory Note Default
Yes. You can file suit for default of a promissory note. Most Notes provide for recovery of attorney's fees and costs, plus default interest. Seek the advice of counsel and good luck.
Re: Promissory Note Default
Absolutely. The assistance of an attorney would help you maximize your recovery upon default, including possible recovery of your attorney fees, costs and interest.
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